Charlton and Ipswich are close to agreeing a swap deal which will see Darren Ambrose and Ivan Campo move in opposite directions.
Campo would leave Ipswich just eight games into Portman Road career after joining on a free in the summer, while Ambrose would re-join the team he left for Newcastle in 2003.
Ambrose has been linked with a move back to his former club since last November and last week Ipswich manager Jim Magilton admitted that he was in his plans for the future.
"He is probably on a list of players we would like," said Magilton.
"I've always been keen to bring him back."