Wickham joins the Black Cats for an initial fee of £8million, but the deal could eventually be worth £12million.
The 18-year-old has signed a four-year contract with Sunderland, who managed to beat Liverpool, Arsenal and Tottenham in the race for the youngster.
A statement on Sunderland’s official website read: “Steve Bruce has made England Under 21 international Connor Wickham his latest summer signing.
“The 6’3″ 18-year-old – rated as one of the country’s brightest talents – has moved from Ipswich Town for a fee of £8m, with the potential to rise to £12m over the course of the contract, depending on a number of factors.”