// eregi
$pattern = "^[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}$";
// preg
$pattern = "@[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}@";
Don't know eregi, but that pattern in preg_match would work...
EDIT
Confirmed by the users manual:
[man]eregi/man
eregi("^[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}$", $ip);