Town are nine points behind Wolves - effectively ten due to goal difference - with just nine games left to play.
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There was a big swing before the international break, with Town losing 4-2 at home to Nottingham Forest, while Wolves won 2-1 at rock-bottom and doomed Southampton.
And ex-Premier League striker Goodman says those results will condemn Town to the drop.
Kieran McKenna's Blues have got just nine games left to pull off a great escapeKieran McKenna's Blues have got just nine games left to pull off a great escape (Image: Steve Waller) He told Grovesnor Sport: "I think Wolves winning at Southampton was the hammer blow which condemned Ipswich Town to the bottom three.
"It was the final nail in the coffin. It's tough to see a way for Ipswich to climb out of it.
"They're this season's Luton Town, who we praised last season for fighting, scrapping and giving it their all.
"Town are doing the same but there's just a gulf in quality between themselves and the rest of the established Premier League teams that they’re struggling to bridge."
Town look destined for the dropTown look destined for the drop (Image: Steve Waller) However, Goodman thinks Town will bounce back in the Championship, having gained a lot of knowledge from their first top tier season in a generation.
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He continued: "Unlike Luton, however, I think Ipswich will be strong in the Championship next season.
"I can't imagine they'll struggle and there are a lot of lessons that they will have learned this year, particularly with recruitment.
"It's bad for football that the three who were promoted from the Championship in the last two seasons will have ended up going straight back down."