The 26-year-old scored 29 goals in all competitions last season as Kieran McKenna’s side won promotion back to the Championship.
He joined the club from Barnsley in 2021 on a three-year deal.
“There is nowhere else I would rather be because this club is so ambitious in the way it thinks and the way it is run,” Chaplin told the Town website.
“I want to carry on and be better than the 2022-23 season – that’s always been my mantra in terms of season after season.
“I always want to beat the last one, which isn’t always possible and isn’t something I’ve always been able to do during my career, of course, but it has to be the aim.”
Chaplin began his career with Portsmouth and had a season with Coventry City in 2018-19, after initially joining them on loan.
Chaplin, after impressing at Barnsley, Coventry City and Portsmouth up and down the EFL with 50 goals amassed at those clubs, was snapped up by Ipswich for a small fee of just £750k in 2021 which continues to look like a bargain.
The Tykes must have really regretted offloading their ex-attacker for such a cut-price when looking at his heroics last season as Ipswich’s rise up to the Premier League began, bagging 26 goals and helping himself to five assists as the Suffolk-based club finally got out of their League One slump.
