Rioch still lives in East Anglia after his spell as Norwich manager and has admitted an interest in taking over the job at Portman Road.
"Obviously I would have an interest in the position at Ipswich Town," said the 51-year-old, who has been without a club since leaving Wigan Athletic in February 2001.
"I am extremely sad for George. He has done a wonderful job for the club in the eight years he has been there and he is Ipswich through and through, having also given them all those years of playing service.
"But understandably in this industry you are governed by results, and naturally I would be interested in talking to Ipswich Town."
Ipswich and Norwich fans have a fierce rivalry but Rioch does not believe that would be a deterent.
"I don't think that's so much of an issue now, and in football all that matters is getting results for the club," Rioch said.
"That's what the supporters and the directors want, and I have managed to get results wherever I have been."