Joe Royle's side had the perfect start when Shefki Kuqi put them ahead after just four minutes.
Joe Royle, Graeme Souness and Peter Reid have been interviewed, but Mandaric has now turned to Holloway.
Penney replaces Joe Royle, who took temporary charge of the Latics in March after the departure of John Sheridan.
In midfield, Jim Magilton was considered not good enough by relegated Sheffield Wednesday, while Joe Royle wants Matt Holland at Maine Road.
However, Gaardsoe's strike earned Ipswich a deserved draw, and Joe Royle will be disappointed not to have left with all three points.
Ipswich boss Joe Royle sees the former Chelsea trainee as the ideal replacement for top scorer Shefki Kuqi, who is set to leave Portman Road.
BBC: Ipswich have won the race for Swindon striker Sam Parkin.
Magilton became manager in 2006 following the departure of Joe Royle.
But it said much for the ease of the opportunity which Padadopoulos squandered that Ipswich's Joe Royle will be the more relieved of the two managers.
Rafa Benitez, Roy Keane, Robbie Fowler, Alan Hansen and Mark Lawrenson were also at the service, along with former Everton managers Joe Royle and Howard Kendall.
Penney took over the League One side in April 2009, replacing Joe Royle who had been in a temporary role at the club after John Sheridan's departure.
Joe Royle, Peter Reid, Graeme Souness and Jean Tigana had already been interviewed for the position, while Paul Jewell, Iain Dowie and Simon Grayson were also linked.
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