Pearson hopes the Argentina international will be signed before Leicester host Arsenal in the Premier League next Sunday.
Cambiasso recently left Inter Milan after 10 years at the San Siro, and the 34-year-old is one of three players on Leicester’s radar as the club look to strengthen following their return to the top-flight this season.
Pearson said: "Cambiasso is still a possibility. There's been progress over the weekend so I'm more hopeful than I was on Friday and Saturday but until there is a definitive answer I'm loath to talk too much.
“But I am hopeful it can be done in next couple of days.
"We've been trying to do business and it has not materialised so far. But hopefully this week we can still do business and bring players in we want to bring in.
"I recognise there is a need for added numbers and we have to do that in this window. There are subtle differences this year to last year.
"We've been very positive but it is nice to have different options."Two or three hopefully is the aim. It would be nice to be able to achieve that."