Argentina veteran Cambiasso signed for Leicester City last summer, which came as a great shock to everyone involved with the Premier League.
After playing a huge role in keeping the Foxes safe from relegation, Cambiasso has proved to be a hit with the fans since leaving Inter Milan and becoming Leicester's Player of the Year.
The 34-year-old scored his fifth Leicester goal in Sunday's 5-1 hammering over Queens Park Rangers.
"We hope he does stay and discussions are on-going," Pearson told the Belfast Telegraph.
"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."
Cambiasso recently sang the praise of his present club but failed to give a definite statement on his future. A player of his statue staying at Leicester City would give the squad a huge push going into the 2015-16 campaign.
Still playing with class in the middle of the pitch, the former Inter Milan treble winner brings experience to the side which certainly helped Pearson's side in their battle against the drop.
Whatever happens this summer regarding Cambiasso's contract, Leicester City fans will have fond memories of the former Argentina international.