The striker, who has been sidelined with a broken ankle and ankle ligament damage since April, left Wolves in the summer following their relegation to League One and has now teamed up with Blues boss Mick McCarthy for a second time by moving to Portman Road.
Sylvan, who originally hails from Cambridge, is available to feature for Town straightaway because he was signed as a free agent and has been handed the number 27 shirt.
“I’m delighted to get the deal done and finally be an Ipswich player,” the 27-year old told the Club website.
“It’s been on cards for a while now and I’m just pleased we’ve managed to get everything done and dusted. I’m here now and in the mix with the rest of the lads to play my part for the team."
Ebanks-Blake was with McCarthy while he was manager at Wolves.