The Mirror state that Pearce, a legend at the City Ground from his playing time at Nottingham Forest, is under sever pressure from the Forest hierarchy after just two wins from 19 games.
This weekend's clash against Sheffield Wednesday, meanwhile, is said to be crucial to Pearce's future at Forest.
Former Chelsea star Petrescu is apparently one of the leading candidates to replace the 52-year-old should the board lose patience with him.
Pearce took over at the City Ground at the start of the current season but Nottingham Forest's Championship campaign has gone from bad to worse despite a promising first couple of months.
Pearce is joint-favourite with bookmakers in the race for the next second-tier manager to leave his post, according to sports betting website Oddschecker. Ex-Chelsea man Petrescu would certainly provide a different feel should he replace the Forest legend...