The 24-year-old was wanted by Chris Turner, who was his manager at his former club Hartlepool, to help bolster the Owls' fight against relegation.
However, Town have turned down Wednesday's approach with manager Joe Royle insisting he wanted to keep Miller - despite only using him once since he took charge.
"I can understand Chris wanting Tommy; he was one of his main men at Hartlepool," said Royle.
"At the moment I can't let him go anywhere. Since I've been here he has played one game and done quite well. He's going nowhere."
Miller, who should feature for Ipswich in Wednesday's Worthington Cup tie with Liverpool, has admitted that he needs to sort things out.
"I seem to come in for the odd game and then out I go," he said.
"It's not something I'm happy about and hopefully it will be in my own hands to sort it out."
"I'm not having a go at the gaffer Joe Royle, he's been fair enough. I've got to make sure that I play so well when my chance comes again that I can't be left out. Hopefully that will be at Anfield."
