The Argentinian played a major role in helping Leicester avoid relegation from the Premier League and was recently crowned the club’s player of the year.
Foxes’ fans implored Cambiasso to stay during the match against Queens Park Rangers on Sunday when the former Inter Milan player scored his fifth goal of the season in the 5-1 rout.
“We hope he does stay and discussions are on-going,” Pearson said.
“We’d love him to be here again next year because he’s proven throughout the season that he brings an awful lot to a Premier League side, even at his age.
“He has performed exceptionally well and is a really good pro, but he’s experienced some pretty amazing periods during his career.
“He’s got a great CV and you don’t know how psychologically a season like this takes out of somebody who has not experienced this sort of thing before.
“The emotional side of it is not an easy thing to do and he’ll be aware of the fabulous reception he got.
“But he’ll need time to reflect and we’ll allow him that time.”
Leicester’s biggest win of the season made it 22 points from the final 27 on offer to complete one of the Premier League’s most remarkable survival missions.
Pearson’s side appeared doomed at the start of April but they eventually managed a 14th-placed finish – their highest final league position since they were 13th in the 2000-01 season.
There has also been individual recognition with the club’s former non-league striker, Jamie Vardy, called into the England squad for the friendly with the Republic of Ireland and the Euro 2016 qualifier in Slovenia next month.
“I think Jamie’s call up, regardless of whether people think he should be in the squad, reflects firstly on his own performances, but also playing in a side which has taken the eye,” Pearson said.
“That’s a really good thing for the football club and it’s an interesting storyline because of where he’s come from, not just at Fleetwood but before that.
“In my era you could reel off an England XI that sprouted from non-league football.
“It’s a trend that’s died out but I suppose he’s a good example of what’s still out there in non-league football.”