Hunt joined the club on a short-term deal last November, having previously worked with Ipswich manager Mick McCarthy when the pair were together at Wolves.
The new deal for Hunt comes off the back of Mick McCarthy extending his stay at Portman Road for a further three years.
The Republic of Ireland international made 23 appearances for Ipswich in the Sky Bet Championship last season, scoring twice.
The 32-year-old began his career at Crystal Palace before later turning out for Brentford, Reading and Hull.
Bloody hell Hump, two Ipswich stories making the 365 front page in the same day. Things are looking up.- lankymanc