The 30-year-old will now attempt to help change the fortunes of a struggling Ipswich side who have failed to win their last eight games.
"I knew there was interest from Ipswich and working with Paul [Jewell] at this great club was something that really interested me," Campbell told the club's official website.
"There were a few options but I spoke to a couple of people, like Kieron Dyer and a few of my other mates who have played here, and they all spoke very highly of the club.
"I know the results haven't been the best so far but from what people have been saying, the performances have been good but we just haven't been able to put the ball in the back of the net."
Campbell could make his debut for the Tractors in tomorrow's match against Cardiff City.