The former Manchester United first team coach is being linked with moves to top clubs.
Brighton, United and Chelsea were said to hold an interest in McKenna, but he will not be pursuing those jobs.
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Per The Mirror and other sources, McKenna is set to sign a bumper new deal at Ipswich.
The Tractor Boys are back in the Premier League after securing back to back promotions under McKenna.
Having joined the club when they were in League One, he has now masterminded a return to top flight football.