The versatile attacker, who joined on a permanent deal from Chelsea last summer after an initial loan, had a £35m relegation release clause in his contract. However, Brentford were unable to trigger it before it expired, leaving the deal in Town’s hands.
The Blues have since rejected £35m bids from both the Bees and Nottingham Forest, with the latter now advancing in talks for a £37.5m move, according to The Athletic.
If the move does go through, it would break their current transfer record – currently set at £35m for Dan Ndoye from Bologna.
Both Forest and Hutchinson have other options on the table, so the deal isn’t done, but David Ornstein has claimed that it is ‘ready pending final decisions’.
Hutchinson missed Ipswich’s Championship opener against Birmigham City due to a throat infection.
He was also absent for their final pre-season game against Auxerre and Tuesday’s Carabao Cup exit at Bromley due to him not being in the right place mentally amid transfer speculation, according to manager Kieran McKenna.
Earlier today, Town winger Nathan Broadhead completed his move to Championship side Wrexham. The fee is understood to be £7.5m with £2.5m in add-ons.