The Scotland B international, who is the highest-paid player in Peterborough's history, turned down a new contract this summer.
"Like Taylor, we sat George down in the summer and offered him another lucrative contract and a testimonial at the end of it," Fry continued
"But George said 'no disrespect to Peterborough, but I want to join a bigger club'. George Boyd owes us nothing.
"If you look at all the stats, he's in the top five for creating goals in the Championship, he also scores a fair quota, he's been absolutely magnificent for us but the wages he's on, I don't think Ipswich can quite get there.
"That was a stumbling block but he is an unbelievable player and if Ipswich did get him, he would be sensational [for them].
Boyd joined Posh from Stevenage in 2007 and has played more than 200 games for the club either side of a brief loan spell at Nottingham Forest two years ago.
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