Manager George Burley is currently scouring the market to sign cover for first choice shot-stopper Andy Marshall, following Matteo Sereni's departure to Brescia on loan.
Banks is currently on trial with The Sky Blues, following Magnus Hedman's transfer to Celtic, but is available for transfer from Bolton Wanderers.
The 30-year-old is unlikely to see any first team action at the Reebok Stadium next season, with Jussi Jaaskelainen, Sebastian Chabbert and Kevin Poole all ahead of the Hillingdon-born player for the Bolton number one jersey.
Burley is still waiting for reserve keeper Keith Branagan to recover from a summer shoulder operation, and could be forced to put former Heybridge Swifts veteran James Pullen on the bench for Town's opening league fixture against Walsall on August 10.
Meanwhile, Portman Road reserve team striker Steve Burton has joined Third Division outfit Boston United on a three-month loan deal.
