The 33-year-old's decade-long spell at Inter came to an end this summer when his contract wasn't extended, leaving the midfielder to search for a new club.
Tottenham have been linked with Cambiasso on several occasions and were tipped to swoop back in January, but the club have gone in search of other targets instead.
Cambiasso has just reportedly rejected the chance to move to Serie A side Sampdoria.
The paper believes that Aston Villa, West Ham and Spanish side Valencia are in the market for the man nicknamed Cuchu.
Cambiasso has had a glittering career with five Serie A titles, a Spanish title and Champions League glory on his CV, but he may not be quite as sharp as he used to be.
The possibility of signing a player with such credentials for free is a tantalising one, but his wage bill could still be considerable.
It was reported that Cambiasso could have stayed at Inter were he willing to reduce his £3.7 million per year salary, but he refused.