The 29-year-old spent last season on loan at French side Lille, where he scored three goals and provided one assist in his 16 games across all competitions.
Akpom has plenty of Championship experience having spent time with Middlesbrough, Brighton, Hull City and Nottingham Forest in the English second tier.
The striker marks Ipswich’s sixth signing of the summer and could be set to make his debut in their Carabao Cup tie against Bromley on Tuesday.
“I was really excited when I heard of the interest and I’m delighted to have joined a club with such big ambitions,” Chuba told TownTV.
“I watch a lot of football and have always thought Ipswich would suit my style, so this move makes perfect sense.
“I have had lots of good experiences over the last few years, at Ajax and playing in the Champions League with Lille, and I feel like all of these have improved me as a player and helped me be the person I am now.
“I’m here to do as much as I can do to help the team, in the changing room and on the pitch, and I’ll bring a winning mentality here.”