1. A thermal transfer image receiving sheet comprising: a substrate sheet; and a dye-receiving layer formed on at least one surface of said substrate sheet, wherein said dye-receiving layer is formed by drying a coated dispersion comprising an aqueous dispersion comprising an aqueous medium and a dye-receiving resin dispersed in the aqueous medium, said dye-receiving resin comprising a polyester resin having a hydrophilic group containing a polycarboxylic acid moiety having a minor amount of a sulfonic group or a group of a salt of sulfonic group, whereby said dye-receiving resin is insoluble or sparingly soluble in methyl ethyl ketone, toluene, ethyl acetate, chloroform or ethanol.