Ilkay Gundogan has commited his future to Borussia Dortmund by signing a new contract.
Ipswich boss Mick McCarthy is preparing himself for some interest in Aaron Cresswell during the transfer window.
Hyam is currently in the final year of his contract, but Ipswich have moved to tie him down to a new long-term deal.
The 21-year-old, who has come through the ranks at Ipswich is believed to have agreed a new three-year deal to extend his stay at Portman Road.
Hyam has established himself as a key member of Mick McCarthy's first-team plans and he has been an ever-present in the side so far this season.
Hyam's form is thought to have attracted the interest of a number of clubs and Ipswich will be happy to secure his future on a new contract.