Hyam, who has come through Ipswich's academy, has impressed in recent weeks after breaking back into the first-team.
The 24-year-old missed the start of the season after suffering a serious knee injury last January, but he has battled his way back to fitness.
Hyam went out on loan to Rotherham in November to get some much-needed first-team action under his belt and he made five appearances for the Millers before Mick McCarthy recalled him back early from his loan in December ahead of the busy festive period.
The talented midfielder has made seven appearances for Ipswich since returning to the fold at Portman Road, including captaining the side in the FA Cup against Portsmouth.
Hyam's return to fitness has alerted a number of clubs to his possible availability with the player in the final six months of his contract at Ipswich.
Sheffield Wednesday, Cardiff and Bristol City are all thought to be admirers of Hyam and are actively keeping tabs on his situation.