[Ipswich Town](https://vitalfootball.co.uk/vital-ipswich-town/) are close to reaching an agreement with Bayer Leverkusen for World Cup-winning midfielder Exequiel Palacios, according to transfer expert [David Ornstein.](https://x.com/David_Ornstein/status/2092335119797190696?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2092335119797190696%7Ctwgr%5Ebb71ee86eeaf1557c487d61e192be5f739a881c8%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.kingsofanglia.com%2Fnews%2F26495443.ipswich-town-close-agreeing-exequiel-palacios-deal%2F) The Blues have been in negotiations with the Bundesliga club for the past fortnight, pushing hard to secure one of the most high-profile arrivals in the club’s history.
The latest offer from Ipswich is understood to be €22.5 million (£19.2 million) up front, with an additional €5 million (£4.3 million) in achievable add-ons. Palacios has reportedly agreed a four-year contract, signalling his readiness to join Gary O’Neil’s project at Portman Road.
Should this deal be finalised, Palacios would become the most eye-catching addition of an already heavy-spending summer. Ipswich’s outlay has already surpassed £150 million, and the arrival of a World Cup winner would underline the club’s growing ambition and long-time strategy.
The Argentine midfielder would also be one of the most decorated players ever to sign for Ipswich, but the fourth Argentine player to play for the club. Palacios was part of the Argentina squad that lifted the World Cup in 2022, and he featured in the side in the 2026 edition, where they reached the final. With 41 senior caps, he brings elite pedigree and experience at the highest level.
He began his career at River Plate, emerging as one of South America’s standout midfield talents before moving to Leverkusen and the Bundesliga. In Germany, he became a key figure in Xabi Alonso’s side that won the 2023/24 title, establishing himself as a dynamic, press-resistant midfielder capable of influencing games in and out of possession.
He does remain under contract with Leverkusen until 2030, giving the German side strong negotiating power, but Ipswich’s persistence appears to be paying off.
If completed, the signing would mark a historic moment for Ipswich Town. Palacios will be adding Champions League-level quality, leadership and tactical intelligence to O’Neil’s midfield, further strengthening a squad already transformed by an ambitious summer window rebuild. It would be a clear statement that Ipswich intends not just to compete and go back down but to grow into a long-term Premier League club.