The 28-year old Irishman has joined the Tractor Boys for a season-long loan making this his second time at Portman Road following the second half of the 2009/10 campaign.
Muprhy had fallen down the pecking order under Neil Lennon at Parkhead and even though the move has come very quickly, is looking forward to playing regular first team football again.
"It came out of the blue really, I had a call from my agent to say Ipswich were interested and it was a no-brainer for me really," he told the club's official website.
"I'm looking forward to playing for the club again and we will see how it goes from there.
"If I do well and the manager wants to extend my stay beyond the year then I certainly would be interested, but for now all I want is to concentrate on playing games."