The Argentine striker completed a transfer from Championship side Brighton in the summer, becoming the Foxes record transfer with a £8 million move to the King Power Stadium.
Whilst the fee was considered astronomical, with the 28-year old having played just one season in English football, his goalscoring record of 23 in 50 games for the Seagulls was not to be derided.
And it appears as if Ulloa has continued his form well into the new season, having netted three goals in his first four Premier League games, including the winning goal against Stoke on Saturday - leading the Foxes to their first top flight win of the season.
Holding the ball up near the edge of the box, Ulloa turned away and laid the ball off to the left. In turn, Paul Konchesky picked up the ball on the left wing, and played a low cross across the box that Ulloa hooked his left foot around to turn in.
It was a goal that encapsulated his style of play as the perfect target man, both scoring goals and holding the ball up to create them - and Pearson praised the options that Ulloa brings to the team.
Speaking to the Leicester Mercury, Pearson said: "He gives us a different option."
"He is a focal point for us in terms of being able to bring other people into the game, and the goals he has scored for us so far suggests he is going to be very important for us."
"That in itself is a huge factor in being a success in any division, but especially this one.”
Many strikers have found it hard to make the step up from the Championship to the Premier League, but Ulloa seems to have had no trouble in applying his game at a higher division, and Pearson praised a fellow Argentine summer signing for helping him fit in.
"It is certainly nice for him to have someone in Esteban [Cambiasso] who speaks the same language, but ultimately they are part of a good group of people and they have both fitted in very well.”
Goals against Everton, Arsenal and Stoke have opened Ulloa’s Premier League account, and he will be looking to add to his tally when he comes up against Manchester United on Sunday.