The 31-year-old striker has only managed 19 appearances for Town after arriving at Portman Road in 2011, with only three of them starts.
But the former Wigan man holds no grudges for his lack of game time.
He told the club's official website: "It hasn't really worked out for me at Ipswich for one reason or another but I wish the club all the best for the future.
"Mick McCarthy is a terrific manager and treats you with respect. He has been great to me since he arrived at the club and Ipswich are in good hands with him in charge.
"It's a terrific football club but it's the right decision for me to move on. I still want to carry on playing and have already started looking for a new club."