It has been reported by the British tabloid that the Argentine club are “keen on tempting him back to his homeland after a glittering career in Europe”.
Leicester are also keen on retaining the services of Cambiasso, according to The Sun.
Cambiasso joined the Foxes on a one-year contract in the summer of 2014 after leaving Italian giants Inter Milan.
The former Real Madrid midfielder was one of the best and most influential players at Leicester and was a key figure in their survival battle in the recently concluded 2014-15 season.
The 34-year-old scored five goals and created 36 chances in 31 appearances in the Premier League.
Cambiasso had a pass accuracy of 73% and a shot accuracy of 32%, and won 36 headers, 14 dribbles and 43 tackles.
The British tabloid claimed last week that the London outfit ready to offer “top wages” to Cambiasso if they can get him on a free transfer, and have already “made contact” with the former River Plate star’s agent.