The 50-year old is in his second spell with the Foxes, and has completed a remarkable feat in guiding the club to the Championship trophy and Premier League football whilst also running the club with incredible financial security.
In his first spell at the King Power Stadium, the former defender guided Leicester to promotion from League One, before securing a Championship play-off spot at the first attempt. However, the club fell at the penultimate hurdle, being defeated by Cardiff City in the semi-finals.
Following a less successful spell with Hull City, Pearson rejoined his former employers in 2011, leading them to the play-off semi-finals once again in 2013, before finally securing the coveted prize of Premier League football with a dominating 2013/14 season.
Pearson's contract was set to expire this summer, along with a vast majority of his Championship winning team, however the club have moved fast to secure the continuation of success. A number of players have been offered contracts, with Kasper Schmeichel reportedly agreeing a new four-year deal last week, and Sky Sports are reporting that Pearson will next.
No details have yet been released about the length of the contract, but a potentially long contract would show remarkable faith in the coach, who has already had much success with the Foxes.
As has been seen, winning the Championship does not guarantee Premier League survival, and a new contract for Pearson suggests that the club have no intention to relieve him of his duties - even if instant relegation is looking likely.
The faith to stick with a coach, through both positive and negative aspects of a footballing season, is a mentality that has been disappearing from English football in recent years, with instant success deemed more important than club longevity.
To see Leicester trust Pearson suggests that club officials are set to remain confident in the coach's abilities, as they look to secure survival in an ever-competitive Premier League.