Campbell will stay at Portman Road until Saturday January 5 and could feature in the squad to face Cardiff on Saturday evening.
The 30-year-old striker joined Rangers in August 2011 but having scored just once in 12 appearances last term he is yet to feature for Mark Hughes’s side this season.
Campbell told the club’s website: "I knew there was interest from Ipswich and working with Paul [Jewell] at this great club was something that really interested me.
"I’m fit and raring to go if called upon [against Cardiff]. Obviously I haven’t played much this season but I’ve been playing reserve games, so I am match fit and I’m ready to go out there and give 100 per cent.
"That’s something that hopefully the fans will see in me, that I will always give my all out on the pitch and I’m looking forward to getting started with Ipswich."