South Africa international Khumalo has been training with the Championship club and figured in a 2-1 friendly victory over Crawley Town.
Mick McCarthy now has a decision to make on the 26-year-old, and admits he would like to bring him to Portman Road on a short-term deal.
He said in the Green Un: "I was pleased with Borgani. I thought he did alright. He's very quick and athletic. I thought he did okay. I'm pleased with him.
"We're not looking to buy or sign him, we're looking at a possible loan deal."
Ipswich are also keen on former Wolves defender Christophe Berra and trialists Dean Gerken and Dan Seaborne - who are all currently without a club.
On Berra, McCarthy said: "He's a free transfer and a really good defender. If I could sign him I'd be delighted, but it depends on whether we can afford to sign him because he'll have other offers.
"I like him - I signed him (for Wolves) for heaven's sake. I paid three million quid for him and he helped get us promoted and keep us up for two seasons as well."
On Gerken and Seaborne, he added: "We'll see. They might not want to come. That's always a possibility.
"Both wanted to get themselves fit and to train. They have other interests and I'm looking at other players too. I think they've both done alright."
While focused on incomings at present, McCarthy has also revealed that transfer listed striker Michael Chopra has been generating interest.
He said: "There's been a slight bit of interest in him, clubs asking if we would loan him out, but nothing concrete as yet. It's just a few testing the water."