The Mail on Sunday says Pearson, backed by internet tycoon Peter Wilkinson, has put in an offer for the club less than 18 months after they last changed hands. The bid is understood to comprise £30m for the club and £60m for a property deal for land around Pride Park.
Pearson, who personally made about £4.5m from the sale of Hull this summer, joined forces with Wilkinson to become one of the 14 bidders who tried to buy Leeds when they went into administration earlier this year.
Now the pair have turned their attention to Derby. Wilkinson revolutionised the internet with his Freeserve company. In last year's Rich List, his wealth was estimated at £263m.