The Us' top-scorer from last season is interesting the Championship side, but chairman Robbie Cowling insists his club will do everything in their power to keep Lisbie at Layer Road.
Lisbie joined Colchester on a free transfer from Charlton Athletic 12 months ago and scored 17 times in his debut season with the club.
"Negotiations are taking place between ourselves, Ipswich Town and Kevin but, at the present time, nothing has been fully resolved," Cowling told the club's official website.
"We have been doing everything in our power to keep Kevin at the club, because we obviously know he is a proven goalscorer for us and will be an asset to the squad this season.
"The squad we have here at Colchester United is a strong one and we want to keep it that way as we look to return to the Championship at the first time of asking."