That loan move could end up with a permanent deal, with Ipswich currently looking for injury cover up front.
In theory, a sale - especially if only on a temporary basis for now - would make sense. The 28-year-old is not a starter at Elland Road and his frustration suggests he needs first-team football.
But let's hold up for a second. This is a Leeds team that is struggling against relegation - and they are selling their big-name players?
Sharp may not have had the desired impact so far at Leeds but he was widely praised as a major signing last summer. And that's without mentioning the fact skipper Stephen Warnock has already been sold this January.
That move may have made sense financially, with the 33-year-old out of contract at the end of the season. But there is no doubting Leeds have lost one of their best performers of the season in the full-back.
Is the plan now to sell off every other player Leeds can get a fee for?
Sharp isn't a first-team regular right now but he is most certainly needed at the Yorkshire side. Mirco Antenucci and Souleymane Doukara are off form, while Steve Morison definitely isn't the answer. And what happens if Neil Redfearn's side are hit by the injury bug?
It's no surprise the likes of Derby and Ipswich are where they are in the Championship table. They're doing their business early. And Leeds?
No signings so far and talk of a second important player leaving Elland Road. Just what they need when they're two points off the drop zone...