Ipswich can recall the striker in January but the 30-year-old is happy with life under Adrian Boothroyd.
He told the Green 'Un: "Once a manager tells you, without seeing you play a single game, that you can go on loan then it becomes very difficult to say that you would want to play for him again.
"I don't want to go back. Even if it came to the point where they wanted me back I think I would speak to both clubs and explain my situation.
"I just felt like the club didn't want me. If I had to go back then I would, but I don't want to be going from club-to-club at this stage of my career. I want to be settled and I'm enjoying my time back at Colchester.
"Ask any player, if you feel at home and feel wanted then you are going to play your best football and that's what I feel I am currently doing. I want to stay at Colchester and see things through. I think we are one of the best teams in the league and are really going places."