Ipswich are launching a £5 million bid for Portsmouth striker David Nugent.

Former Preston striker Nugent, who has endured a miserable 12 months at the Premier League club, is eager to play but reluctant to take a step back into the Championship.

Ambitious Ipswich manager Jim Magilton however, has offered an initial payment of £3.5m, rising to £5m if they win promotion to the top flight, says the Daily Mail.

Nugent is expected to discuss personal terms at Portman Road and undergo a medical in the next 48 hours.