Nouble, who only joined Wolves from West Ham last summer, has struggled to hold down a regular place in the side at Molineux since his arrival.
The 21-year-old has only made one start and four substitute appearances for Wolves this term and new boss Dean Saunders is willing to let him move on.
Ipswich have moved to bring Nouble to Portman Road and have agreed a fee with Wolves for the England Under 21 forward as Mick McCarthy looks to bolster his attacking options.
Nouble is understood to be undergoing a medical at Ipswich and is expected to sign an 18-month deal at Portman Road.
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