But despite recent comments from manager George Burley which suggested that he was resigned to losing him, his chairman is remaining hopeful of the player staying.

"We have no wish to sell Matt," Sheepshanks told www.itfc.co.uk.

"He is club skipper and an immensely valuable member of our squad.

"It is only natural that there is a lot of speculation at this time with him doing so well for Ireland at the World Cup."

Manchester City are one of a number of clubs being linked with him, but if an attractive offer comes along it is unlikely they will be able to say no.

Sheepshanks added: "I've made it clear all along that we have to sell players to counter the effect of relegation but at this point we have had no bids for any of our players so nothing can be ruled in or out."

The Ipswich chief, however, is confident that whatever squad players they have at the club next season Burley will lead them back into the top flight.

"Having said that it is the future of Ipswich Town that is the most important," added Sheepshanks.

"It is about the team, not any one particular individual, and we remain confident that come the start of the season we will have a squad capable of gaining immediate promotion back to the Premiership."