The temporary switch to Portman Road will give the Foxes playmaker an opportunity to build match fitness, after completing his rehabilitation period following knee surgery in the summer.
Richie will travel to Suffolk to train with Paul Jewell's Town squad on Friday and will be available for selection when the Tractor Boys host npower Championship leaders Cardiff City on Saturday evening.
Richie joined City from Doncaster Rovers in July 2009 and has made 145 appearances for the Foxes, scoring six times.
He will remain with Ipswich until 10 November.