Ebanks-Blake could join ex-Wolves midfielder Stephen Hunt who is currently training with Ipswich Town.
Ebanks-Blake is expected to receive a short-term contract from his old Molineux gaffer Mick McCarthy at Portman Road as he nears full fitness again.
The 27-year-old, who was Wolves’ 15-goal top scorer last season, has been without a club since his contract expired at the end of June.
But he is nearing full sharpness again after recovering from a broken leg and ankle ligament damage sustained in the 3-2 win at Birmingham on April 1.
McCarthy is set to offer the double Championship Golden Boot winner a deal, probably until the January transfer window.
Ebanks-Blake scored 61 goals in 177 League games for Wolves after McCarthy signed him from Plymouth for £1.5m in January 2008.
Premier League new boys Crystal Palace have also been monitoring the striker.
Former Wolves winger Stephen Hunt is also spending the week training at Ipswich.
The 32-year-old, whose recent move to Blackpool collapsed because of his wage demands, has been without a club since his contract expired at Molineux in the summer.