The teenage playmaker has been linked with a move to the City Ground for some time and the Daily Mirror suggests that he will be allowed to leave Villa Park if Paul Lambert can land Manchester City winger Scott Sinclair.
Pearce could be tempted to make a move during the winter window as he is working under a transfer embargo at the City Ground.
A breach of Football League Financial Fair Play regulations means he will only be able to complete loan deals in January.
He has already secured the signatures of Todd Kane and Gary Gardner, but is reluctant to be drawn on the chances of Grealish following in the footsteps of the latter and completing a move to Trentside.
Pearce told Sky Sports: “You’re asking me to speculate on a player I’ve not confirmed I’m interested in. To suggest what kind of impact he might have at my football club...He’s quite good, with a bright future. Let’s talk about (Cristiano) Ronaldo. I could probably give you a better analysis of his impact.”
Grealish is held in high regard at Villa Park and penned a new four-year contract in October.
He is, however, considered to be one for the future and finds himself on the fringes of the first-team fold at present.
The 19-year-old has made nine Premier League appearances this season, but all of those have come off the bench.