The former Manchester United striker scored six goals this season and chairman Mehmet Dalman hopes the 26-year-old will stay to aid the club's promotion push next term
The 26-year-old striker helped the Welsh side clinch promotion in 2012-13 and scored six goals in 37 Premier League appearances this season.
Dalman wants the January 2013 signing from Sunderland to remain at Cardiff and has praised the impact he has made at the club as the Welsh outfit look to return to the top flight next term.
"Fraizer's done fantastically for us, not just this season but the previous season," Dalman told BBC Sport.
"He's very much loved at the club and we want him to stay."
Campbell started out at Manchester United and had loan spells at Royal Antwerp, Hull City and Tottenham before joining Sunderland in 2009.