Town boss told BBC Radio Suffolk: "Jon made it clear a number of weeks ago he wanted to leave the club.
"That's OK as long as we get the right offer and we haven't yet. The offers we've had don't meet our evaluation."
He added: "We're disappointed the way it's come around, I think you want to try and do things above board."
Jon is captain today but tomorrow's a new day Ipswich boss Roy Keane The former Manchester United midfielder also suggested that Walters, a player Keane described as the second-best in the Championship last season, may lose the captain's armband ahead of the weekend's game with Burnley.
"He's captain today but tomorrow's a new day," he said.
"Jon will be involved on Saturday and I'm sure if he plays he will give 100%."
Walters, who has a contract tying him to Portman Road until 2012, has played 146 games for Ipswich since joining from Chester in 2003, scoring eight of his 32 goals last season.