Town signed Finnish international Kuqi on a free transfer in November 2003, however as part of the deal it was agreed between the two clubs if Town got promoted, they would pay financialy struggling Wednesday £150,000.
Speaking to the Ipswich Evening Star, Town boss Joe Royle confirmed: "I would dearly love us to be writing out a cheque. I think even Shefki's biggest critics would have to agree he has done extremely well for us.
"He has been terrific since the day he came here. His enthusiasm is infectious, he has natural charm that everyone at the club loves and he has shown what he can do out on the pitch."