The defender, 30, arrived at Portman Road from Blackburn on Wednesday having agreed a deal until the end of January.
Orr has set his immediate sights on impressing under new Tractor Boys boss Mick McCarthy, but that has not stopped him from looking beyond the new year.
"Firstly I want to do well for Ipswich. If that happens, then I might get the chance to extend that stay. If it doesn't I will be sent back to Blackburn," Orr told Ipswich's official website.
"We have talked about me staying. That's the plan and I'd certainly be interested in a permanent move. If the manager and the powers that be want that to happen, I could be here longer than the loan date but it will be down to how well I do here and how much I can help the club.
"My priority is doing as well as I can for Ipswich Town."