With five assists to his name already, Bishop is another promising youngster making his way into the Ipswich side along with left back Tyrone Mings, who has recently been linked with an £8m move to Arsenal.
Recent reports from The Sun earlier this month suggested that Gunners boss Arsene Wenger was also lining up a £10m move to sign Bishop, but not during this month's transfer window.
Ipswich are allegedly reluctant to sell this month and would rather wait until summer to even think about opening negotiations, and that leaves the possibility of them being hijacked by another club.
That may well happen, with the Mirror suggesting that Liverpool are now leading the race to sign Bishop, but were also told that there would be no deal until summer.
With Steven Gerrard set to join MLS side Los Angeles Galaxy at the end of his contract in June, the Reds will need to sign a midfielder to try and replace the inspirational skipper.
Whilst Bishop is unlikely to offer that immediately, he could be a long-term successor, and if Liverpool would be willing to pay £10m to land him, manager Brendan Rodgers must rate him highly enough to believe that he can be a factor in the Premier League.