The Republic of Ireland international has committed himself to the Portman Road club until 2018, following the likes of Daryl Murphy and Freddie Sears in penning new deals.
McGoldrick came off the bench to score the second goal in the Tractor Boys’ 2-0 midweek win over Burnley, which sent Mick McCarthy’s men to the top of the early league table.
“Obviously I’m delighted to have signed the contract and I’m looking forward to being part of the future here,” the 27-year-old told the club website.
“There is a real buzz about the place at the moment and it’s great to be part of it.
“We’ve got a great set of players here and we are going in the right direction.
“The squad is the best I have known in my time here, with the options we have now. We’ve got real competition for places all over the pitch.
“The Premier League is where we all want to be and that’s the aim for us this season.”