The 21-year-old only joined the Tractor Boys in the summer in a £20million deal from Manchester City.
However, City could scupper any move to a rival as they have a buyback clause.
Delap has scored six goals in 12 Premier League games for Ipswich this season, with five of those coming in his last seven league appearances.
He has also started 11 times in the English top flight, underscoring his importance to Kieran McKenna's team.
Delap, the son of former Stoke City cult hero Rory, came through the ranks at Derby County before he moved to City's academy in 2019.
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The 21-year-old went on to make six appearances for City's first team and even scored in an EFL Cup tie against Bournemouth in September 2020.
Delap soon got his first proper taste of men's football when he moved to Stoke on a season-long loan for the 2022/23 campaign.
However, after making 22 appearances and scoring three goals for the Potters, City recalled Delap in January and sent him to fellow Championship side Preston North End to see out the term.
Delap was sent out to Hull City at the start of last season for his third loan spell.
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It proved to be his most successful as he registered eight goals and two assists from 32 appearances across all competitions, helping the Tigers to a seventh-place finish in the Championship.
Delap's form evidently caught the eye of Ipswich boss McKenna, who swooped for him in the summer.
But with Chelsea and United now sniffing around, the Portman Road faithful may be treated to just one season of Delap regardless of what division they begin next season in.
Another youngster with City ties generating Premier League buzz is 22-year-old midfielder James McAtee.
talkSPORT understands Crystal Palace are interested in the highly-rated youngster.
McAtee spent two seasons on loan at Sheffield United, but has stayed with Pep Guardiola's first team squad.
It is understood the 22-year-old would cost around £20m and the player is thought to be keen on a move away from the Etihad Stadium.
McAtee is on track to make his most appearances in a season for City having featured for the reigning Premier League champions seven times this term.
With Ballon d'Or winner Rodri expected to be absent for the remainder of the season and Mateo Kovacic recently going down with an injury, the door is open for McAtee to play an increased role over the coming weeks.
As for Palace, boss Oliver Glasner is in desperate need of added creativity to ease the burden on star midfielder Eberechi Eze.
Glasner, who employs a 3-4-2-1 formation, would likely use McAtee as one of the two attacking midfielders behind the striker.
Palace sit 19th in the Premier League on eight points, one away from 17th-placed Wolves.