Confirming to the Ipswich Evening Star Magilton said: "I have not sat down with Richard or his agent to discuss terms. Richard has expressed a desire to return to Ipswich, but nothing concrete has been decided.
"Richard visited the club to see some friends and we had a chat about things and it is a possibility, but that is all.
"Before I decide anything with Richard, I would sit down with the other two lads (Lewis Price and Shane Supple) and see what is best for them.
"I can understand that at least one would not want to stay, as we could not have three potential number ones. We would have to do what is right by them too."