Hutchinson’s £35M relegation clause in his contract expired on Tuesday as the Bees failed to make an offer in time for the young playmaker.
However, reports state that they made multiple offers, culminating in a bid of £35m, not long before its expiry, but the structure of the deal did not meet the terms of the release clause.
Ipswich will not entertain anything less than £35m for the 22-year-old attacker who recently featured at the European Under-21 Championships, where he helped England lift the trophy for the second time in a row.
Despite the rejection and the clause no longer being available, BBC Sport reports that manager Keith Andrews is still very interested in signing the youngster, who is said to be valued at around £40M.
This is not far off Brentford’s original offer and if they are serious about bringing in the former Chelsea star, then the club will up their bid.
Hutchinson made the permanent switch to Portman Road last summer and has a contract with Ipswich until the summer of 2029.
Now, after their relegation to the Championship, it seems like his future lies elsewhere and that it is a matter of time before he is snapped up ahead of the new season.