If the report is correct Shepherd has upset the Portman Road hierarchy by approaching their administrators Deloitte & Touche directly and offering a combined fee of £2.5million for the England Under-21 duo.
Ipswich have though rejected the bid, which they described as "derisory and insulting", and chief executive Derek Bowden has re-assured supporters that the club will not begin a clearout of the first team squad to raise the funds to clear their debts.