As reported by The Athletic, the Bees made an offer that fell well below that figure yesterday and swiftly had it rejected.
The EADT and Ipswich Star understands that Ipswich will not entertain anything less than £35m for the 22-year-old attacker today and, determined to keep him, could well put the price up once that clause expires at 5pm.
Hutchinson arrived for a club record £18m + add-ons deal from Chelsea last summer. He went on to contribute two goals and three assists in his debut Premier League campaign, subsequently starring for England in their victorious European Under-21 Championship campaign. He is not part of Town's pre-season training camp in Austria this week as the result of being some extra time off.
Town have already seen 12-goal top scorer Liam Delap depart for Chelsea this summer after his £30m relegation release clause was triggered. Defensive duo Axel Tuanzebe and Cameron Burgess both turned down new deals to join Burnley and Swansea respectively, while skipper Sam Morsy is set to join Kuwait SC.
As it stands, Hutchinson - contracted until 2029 - is Ipswich's only fully fit right wing option heading into 2025/26, with Wes Burns (knee) sidelined until around October and Chiedozie Ogbene (Achilles) and Jaden Philogene (knee) both working their way back up to speed following significant injuries.