The 25-year-old spent last season on loan with Kieran McKenna’s side but was powerless to stop them falling back into the Championship.
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Cajuste played a key role as a defensive midfielder for Ipswich, making 33 appearances across all competitions, scoring one goal and providing one assist along the way.
According to transfer guru Fabrizio Romano, he will now re-join Ipswich on loan with an obligation to buy if they earn promotion back to the Premier League in 2025-26.
He states that the deal will include a €2 million loan fee, with the obligation being €7.5 million if Ipswich secure promotion.