The 19-year-old has enjoyed a productive start to the League Two campaign for the U's, scoring two goals in six appearances, with both of those strikes coming in the last three matches against Gillingham and Tranmere Rovers most recently.
Since making his competitive debut for Colchester in May 2022, Ihionvien has featured on seven occasions for the fourth-tier outfit, spending time on loan at eighth-tier Maldon and Tiptree during that period.
Ben Garner's men currently sit 20th in the League Two standings, with the young forward helping his side to collect a respectable six points from their opening six contests.
According to The Sun, Premier League duo Burnley and Crystal Palace are monitoring Ihionvien's progress at the JobServe Community Stadium as he begins to cement himself as a first-team regular at the club.
The report adds that a host of high-profile EFL clubs are also taking an interest in the 19-year-old, with Norwich City, Watford and Leicester City all looking to recruit the forward.
It is understood that all of the aforementioned suitors have sent scouts to watch Ihionvien in the early stages of this term, meaning the striker's goal in the final moments of Colchester's 2-0 win over Tranmere would have been witnessed first-hand.
Vincent Kompany's side and the other interested parties are in a good position to secure the player's services for a decent price in January, with Inhionvien's current deal at Colchester expiring at the conclusion of the 2023-24 season.
It is believed that staff at the JobServe Community Stadium are 'raving' about the recent performances of the youngster, however there is a growing fear that the promising talent could be swiftly lured away by bigger clubs up the English football pyramid.
The Clarets' strategy since their promotion to the Premier League has been to bolster their squad with exciting prospects who have the potential to develop into top-flight stars, and some would argue that Ihionvien could fit that bill.
Despite an influx of summer arrivals, it has been a relatively-familiar face who has led Burnley's attack in the opening stages of the campaign, with South African Lyle Foster bagging two goals in three appearances so far this term.
Kompany is confident that his side will be competitive in the Premier League this season despite losing their first three matches - a trip to face Nottingham Forest at the City Ground awaits the Clarets on Monday night.
Whilst Burnley fight to retain their top-flight status, highly-rated Ihionvien will battle with Joe Taylor and Samson Tovide for a place in a two-man forward line for Colchester in League Two.