The 2015-16 Premier League Champions have made a poor start to the season and lie in 18th position on the standings after taking six points form their opening eight games.
Pearson is thought to have rebuilt his relationship with Leicester City owner Vichai Srivaddhanaprabha and his son Aiyawatt and currently manages OH Leuven, who have the same owners as Leicester.
Pearson lost his job as Leicester boss for the first time in 2010 whilst Milan Mandaric owned the club despite having taken them to the Championship playoffs.
He was brought back to the club by the King Power owners in 2011 and took the Foxes to the Premier League as Championship winners in 2014.
After helping Leicester narrowly avoid relegation during the 2014-15 season, he was sacked as manager for a second time.