After being released by Málaga, Couñago re-signed for Ipswich on a two-year deal on 13 July 2007, extendable to three if the club gained promotion. Ipswich manager Jim Magilton said of the player: "I have always looked at Pablo as a player with all the attributes to be top class. He enjoyed a good relationship with the fans of this club, but I don't think anyone really saw the best of Pablo in his first spell here". The player stated: "It's great to be back here at Ipswich. I'm really excited about the move. As soon as I knew that Jim wanted me I was keen to come back. It's good to feel wanted. I also know the way Jim likes to play football, pass, pass, pass and that is good for me as well". He scored a return debut goal in the 4–1 home win against Sheffield Wednesday, and added two the following month against Coventry City (same venue, same result).