The former Argentina international is out of contract at the end of this month.
Cambiasso, 34, is out of contract at the end of this month and, while Leicester are keen to extend his deal after a successful season at the King Power Stadium, the Argentine is now weighing up his summer options.
Following last week’s appointment of new manager Slaven Bilic, reports emerged that West Ham were looking to lure the former Real Madrid and Inter Milan star to east London with a lucrative wage package [h/t The Sun].
The club were claimed to have held discussions with the veteran’s agent over a potential deal but he is now believed to have turned down their offer in favour of other possible avenues.
According to Di Marzio, retirement is not out of the question but it is likelier that the soon-to-be free agent follows the likes Steven Gerrard and Frank Lampard across the Atlantic to MLS – although whether he has proposals on the table at this point remains unclear.
With Manchester City's sister club New York City FC missing out on Xavi and likely Andrea Pirlo this summer, a switch to Yankee Stadium to link up with Lampard would make sense on paper but, with the expansion franchise struggling in the goalscoring department, head coach Jason Kreis might have more attacking targets in mind.
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Whatever his decision, though, there is no question that Cambiasso still has something left to offer the game, having picked up Leicester’s Player of the Year award last season after helping the club orchestrate a miraculous escape from relegation.
Arriving from Inter in August, the Champions League winner made 31 Premier League appearances for Nigel Pearson’s side, while scoring five goals and creating 37 chances.
“I faced a new challenge, to play in the three most competitive leagues was something I wanted. Our objectives were all met. Get to the Premier League, play and be loved in a new team.”