The Argentine opted against extending his one-season stay with the Foxes and could play in the Champions League next term.
The veteran midfielder was among the standout performers for Leicester City last season, helping the Foxes make a miraculous escape from what had looked like near-certain relegation.
But after opting against renewing his deal with the Blue Army, speculation was rife that the 34-year-old could be set for a move to another top-flight English side.
Such a move now looks increasingly unlikely, with reports indicating that the former Inter Milan man could be heading to Greece.
According to the Greek news source Gazetta, the 34-year-old is set to sign with Olympiakos.
The move could see Cambiasso make a return to the Champions League, with the Greek side something of a regular fixture in the group phase of the competition.
An experienced competitor in Europe, the Argentine was part of the Nerazzurri squad that won the Champions League under Jose Mourinho in 2010.
He’s certainly proved himself to be fit and ready to play in the competition too, having featured 31 times in the Premier League last term, scoring five goals.
One thing is for sure, though; he’ll be sorely missed at the King Power Stadium.