Ipswich are in talks with Chelsea about buying Hutchinson after last season's successful loan.
A fee of £22m has been mooted for the attacker, which would be over four times the £4.75m Ipswich paid Sampdoria for club record signing Matteo Sereni back in 2001.
Transfer expert Fabrizio Romano is reporting: “Ipswich Town open negotiations with Chelsea to sign Omari Hutchinson on permanent deal.
“German clubs were also keen but Ipswich Town are now pushing after McKenna’s decision to stay as key factor.
“Ipswich Town hope to get it done as talks are ongoing.”
He then added: “Understand there’s NO buy back clause in current talks between Ipswich and Chelsea.
“The two clubs are discussing permanent move with sell-on clause, expected to be included in the deal. Talks ongoing.”