The 18-year-old midfielder has broken into Mick McCarthy's first-team plans this season and burst onto the radars of a host of Premier League clubs in the process.
And while Arsenal, Manchester United and Tottenham are all said to be keen on the youngster, it is Liverpool who are leading the race for the player.
The Mirror reports that Brendan Rodgers has already made an enquiry about signing Bishop this month only to be told that he is not for sale.
Rodgers - Liverpool has room for improvement [AMBIENT]
Teddy Bishop is wanted by a host of Premier League clubs
But the Tractor Boys may take a different approach in the summer, depending on how the rest of their season pans out.
And Liverpool now believe that they have the best chance of landing Bishop in a £10m deal if he does indeed become available.
Arsenal, meanwhile, are thought to be in a similar position when it comes to Ipswich's other young star, defender Tyrone Mings.
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