Leicester City midfielder Esteban Cambiasso has entered into contract talks with the Premier League side after being named as their Player of the Year for 2014/15.
The 34-year-old will reach the end of his one-year deal in the summer after helping Nigel Pearson's men achieve one of the greatest escapes in top flight history.
Speaking to the Leicester Mercury, Pearson said: "He knows how the club feels about the situation. Hopefully, there will be discussions very soon. I know there have been preliminary negotiations.
"Like there is with most things, people try to jump on the bandwagon. The danger is people want to escalate and accelerate that process.
"The important thing is there has been dialogue between myself, the player, (director of football) Jon Rudkin and his representatives. We are at the stage we are at, and both parties are happy with the situation at the moment."
Cambiasso was named as the Foxes' Player of the Year on Monday and - despite winning 23 major honours with River Plate, Real Madrid and Internazionale - he holds this season's success in the same catagory.
"I am really very happy for me and the group," he said, picking up the yearly award at the King Power Stadium.
"We worked hard all season and when people thought we were dead and buried, we produced our best performances.
"This is a great achievement because it is not easy surviving the first season in the Premier League. To do it with a game to go is special as well."
Leicester had been rooted to the bottom of the table for 140 days and went 13 matches without a victory before Christmas. But six wins in eight games means they will be a Premier League side again next season.
The Foxes won more points than Barcelona, Real Madrid, Paris Saint-Germain and Borussia Mönchengladbach in the same period of time as they hauled themselves clear of danger.
"It is an unbelievable achievement but the league is 38 matches and, sometimes, you have bad matches and other times you play better.
"It is important the mentality of the group is right because when everyone thought we were dead we played better and better.
"I have enjoyed the season. There has been a great atmosphere in every stadium, even better than I imagined before I came here.
"I am very happy this has been a great experience for me.
"I made some big changes, I changed country after 10 years and changed situations because, for all my career, I have been fighting for cups and titles. This was a different situation.
"We need one of these awards for every player, every supporter. Maybe I'm crazy, but I always believed in this group."
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