The 23-year old full-back is on from Crystal Palace until January after Forest failed to land him permanently in the summer transfer window.
It seems as though other interest in Hunt has jacked up Palace's asking price for the former Huddersfield Town youngster which has prompted Pearce to suggest his club could make a move if the sums suit.
"The situation with Jack Hunt remains an ongoing thing," he told the Nottingham Post.
"If the valuation from Palace changes, we will act upon it. But the value they are talking at the minute - it would be ludicrous for me to ask the chairman to put his money to it.
"I have spoken with Jack and his people and they are acutely aware of the situation. It is no reflection on them, it is just that the valuation they have put on him is too high.
"We do think about that (the impact of FFP rules). At this moment in time the Football League are talking about the situation and I believe there is a vote on it in early November.
"We will definitely know something then, with regards to that. I am kept informed by the chief executive about that.
"But we are aware of all the stipulations that could come in to play and we will have to deal with it. If an embargo does come our way, we will have to deal with that."
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