The Norwegian has pledged his future to the club for the foreseeable future despite speculation linking him with a move back to the Premier League
Following the club's relegation to the Championship, which was the culmination of a season of disappointment and off the pitch turmoil, they are at risk of losing their bigger players come the summer transfer window.
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However, the Norwegian, who has been a regular at Ewood Park for eight years has stated he would be happy to see out the remaining two years on a four year contract.
"I have a contract with Blackburn Rovers and I intend to honour that," he wrote on his official website.
Having played 288 times during his time at the club, Pedersen went on to reveal how much the relegation had hurt him.
"As a football player the relegation was the worst thing that has ever happened to me," he wrote.
"As a Blackburn fan it was devastating, it was cruel and I cannot describe the feeling I had when the relegation was clear and the season was over."