Bournemouth boss Eddie Howe has swooped for a player who was linked with Chelsea and Arsenal last season, with British media estimating the fee at eight million pounds ($12.58 million).
"I’m looking forward to learning from the manager’s ideas," Mings told the club website (www.afcb.co.uk).
"They will be different to what I’m used to but that can only be a good thing. I’m here to develop and learn as much as possible."
Bournemouth's Scotland under-21 winger Ryan Fraser has moved to Portman Road on a season-long loan as part of the deal for the 22-year-old defender.
Mings, the club's fifth signing of the transfer window, has made rapid progress since joining Ipswich from minor league Chippenham Town for 10,000 pounds in 2012.
He made 44 appearances in all competitions last season, including a start against Bournemouth at the Goldsands Stadium in November, as Ipswich reached the Championship playoffs before losing to arch-rivals Norwich City in the semi-finals.
Mings began his career at Southampton before moving into minor league football with Yate Town and Chippenham and was signed by Ipswich after impressing manager Mick McCarthy in a trial game.
The defender established himself in the first-team last season, after the departure of Aaron Cresswell to West Ham United, and made 57 appearances in total, scoring once.
Brett Pitman, Bournemouth's fourth highest scorer with more than 100 goals, has also joined Ipswich for an undisclosed fee.
($1 = 0.6360 pounds)
(Writing by Ken Ferris, editing by Tony Jimenez)
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