The Tigers want to make additions before the window slams shut and have zeroed in on Portman Road, where they admire Edwards.
The midfielder has made 20 appearances in League One under Kieran McKenna so far this term, but Hull felt they could tempt him away.
The Championship side made an approach for Edwards, but it was blocked by Ipswich, who do not want to lose him.
It remains to be seen if Hull try again for Edwards before the transfer window closes on Tuesday evening.
Edwards came on off the bench for Ipswich in their FA Cup fourth round tie against Burnley on Saturday, which ended in a 0-0 draw.
Ipswich are firmly in the hunt for automatic promotion from League One this season, sitting third in the table.
Hull meanwhile sit in 15th place in the Championship and are looking to climb the table in the coming months.
