The 30-year-old Norway international is halfway through the four-year deal he signed in May 2010 and, despite being linked with a move away, Pedersen insists he is fully committed to the club.
"There have been some speculation and questions from the media about my future," he said. "My response to that is that I have a contract with Blackburn Rovers and I intend to honour that."
Pedersen admits dropping into the Championship was his lowest moment in football.
"As a football player the relegation was the worst thing that has ever happened to me," he wrote on his website www.gamst.co.uk.
"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."