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The former Blues player is just one of a handful of keepers on Joe Royle's shopping list following the departure of Kelvin Davies to Sunderland and has been mentioned by the Portman Road boss as a possible replacement.
Royle is also thought to be looking at Rotherham United's Mike Pollitt and Nottingham Forest's Paul Gerrard but both would command a fee whereas Marshall could be available for nothing.
Marshall joined the club initially on-loan at the beginning of 2004 and went on to appear in the FA Cup Final but his outspoken comments towards the end of last season have not gone down well with certain people at The Den.
As one of the club's higher earners, it is thought that chairman Jeff Burnige is keen to let him go, even though that would leave The Lions with just one first team goalkeeper - youngster Terry Masterson, who is yet to make his debut.