Ioannidis has emerged as a target for several clubs this summer following scoring 23 times in all competitions last season.
Kieran McKenna has identified him as a top target as he looks to add more goals to his newly-promoted Ipswich side.
The Tractor Boys have already failed with two bids with their last offer reportedly worth €25m.
However, they have one less competitor in the race for the Greek striker as according to Portuguese sports daily A Bola, Sporting Lisbon have ended their interest in him.
Sporting Lisbon identified Ioannidis as a primary target earlier in the window but they are not prepared to offer more than €20m.
Panathinaikos are open to offers for Ioannidis but want at least €30m before agreeing to sell the striker.
The Portuguese giants will now look for a cheaper striker as they have a limited budget this summer.
Bologna have also tabled a bid for Ioannidis but they are also yet to get close to his asking price.
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