The ex-Argentina international has been without a club since ending his 10-year association with Inter at the end of last season and Leicester are one of numerous teams monitoring his availability.
Cambiasso, also formerly of Real Madrid, will turn 34 on Monday and would add a great wealth of experience to the Premier League newcomers, but manager Pearson is cagey about Leicester's chances of completing a deal.
Pearson initially looked to dodge questions regarding the link, but he did eventually confirm the club's interest.
"I don't know about Cambiasso," Pearson said. "I don't take too much notice of the air waves. I've not denied our interest. It's something we will continue to work at.
"We have an interest, yes. But my view on talking on other people's players I don't. I don't have a track record of talking about speculation.
"Whether deals can or can't be done it will be based on a number of criteria. We'll work really hard to do the deals. I can't account for other circumstances intervening."
Leicester mark their return to the top flight on Saturday with a home match against Everton, but are unlikely to be at full strength as Marc Albrighton (groin) and Jamie Vardy (thigh) are set to miss out.
Highly-rated French attacker Anthony Knockaert is expected to feature, however, after recovering from an ankle knock.
"Marc may not make the weekend but Anthony has trained fully," added Pearson.
"Jamie Vardy's unlikely to be available. It is frustrating when you pick up one or two knocks up in pre-season; we've been a bit unfortunate.
"If one player misses someone else has got an opportunity. However we shape up at the weekend, we will be very capable."