He beat off competition from striker Jamie Vardy and goalkeeper Kasper Schmeichel to clinch to award, which was voted for by Leicester City supporters and won last year by Danny Drinkwater.
Speaking to Foxes Player, a humble Cambiasso said: “I want to say thank you to all the supporters who voted for me, but for me the most important trophy I can have is Leicester City playing in the Premier League next season.
“I’m a team player, and I’m more focused on the group achievements, but still I want to thank the fans for voting for me. In any match we play they are unbelievable. I have enjoyed this season with them, and I hope they’ve enjoyed the season too.”
A serial trophy winner during a glittering career that has included spells with Real Madrid and Inter Milan, Cambiasso joined the Foxes in the summer, becoming one of the most high-profile players to wear the famous blue shirt, and he soon lived up to his reputation.
His influence and game understanding have been priceless for City in central midfield this season, and his goals will certainly live long in the memory for Leicester fans – not least his equalising strike in the 5-3 win over Manchester United in September.
Leicester City supporter and BBC presenter Manish Bhasin hosted the event, made all the more enjoyable by the Foxes securing their top-flight status for next season just days earlier.
But it was a night to recognise the achievements of the entire Club, and with members of the highly successful Under-21s and Under-18s squads also in attendance, the evening was a celebration of an excellent season at every level.
While Cambiasso picked up the evening’s main award, the Players’ Player of the Year award went to Academy graduate Jeff Schlupp – a fine recognition from his team-mates of his contribution this season.
He edged out strikers Leo Ulloa and Jamie Vardy for that award, but the night wasn’t over for Schlupp, who also scooped the Young Player of the Year accolade ahead of Matty James and Andrej Kramarić.
The 22-year-old Ghana international has been a revelation for the Foxes at left-back, left midfield and left wing-back this term. He has managed four goals this season too, with the last minute FA Cup winner away at Tottenham Hotspur in January being a highlight.
Meanwhile the coveted Goal of the Year, which was voted for on the night went to David Nugent, for his incredible strike in the 2-2 draw against Liverpool at Anfield on New Year’s Day.
Performance of the Year, which was chosen by Nigel Pearson and his coaching staff, was the unforgettable 5-3 victory over Manchester United at King Power Stadium back in September.
Against a star-studded Red Devils, the Foxes recovered from 3-1 down to win 5-3. It was the only time in Premier League history that a Manchester United side had been defeated after taking a two goal lead and will go down as arguably the Club’s finest display since moving to Filbert Way from Filbert Street.
The Under-21s Player of the Year award went to St Kitts and Nevis striker Harry Panayiotou, who scored 11 goals in his last 13 appearances to help Steve Beaglehole’s side produce yet another impressive campaign. He beat Jak McCourt and Joe Dodoo to the award.
Trevor Peake’s Under-18s side had an equally excellent season and became only the second Leicester City side to reach the FA Youth Cup Semi-Final in the process. It was left-back and captain Ben Chilwell who claimed the Academy Player of the Year award this term, ahead of Elliott Moore and Matty Miles.
Award winners in full:
Player of the Year Winner: Esteban Cambiasso
Nominees: Jamie Vardy, Kasper Schmeichel
Players’ Player of the Year Winner: Jeff Schlupp
Nominees: Leo Ulloa and Jamie Vardy
Goal of the Year Winner: David Nugent vs. Liverpool
Performance of the Year: Leicester City 5-3 Manchester United
Young Player of the Year Winner: Jeff Schlupp
Nominees: Matty James and Andrej Kramarić
Under-21s Player of the Year: Harry Panayiotou
Nominees: Jak McCourt, Joe Dodoo
Academy Player of the Year Winner: Ben Chilwell
Nominees: Elliott Moore, Matty Miles