Pearce was sacked as Forest boss after an underwhelming managerial spell earlier this February.
The club legend retained the backing of several sections of the Nottingham Forest support but chairman Al Hasawi eventually decided the club's poor Championship form simply couldn't continue.
He did, however, want to keep Pearce at the City Ground out of respect for the Forest icon, although Pearce felt staying on wouldn't have been fair on himself or successor Dougie Freedman.
“I just didn’t think it was fair on Dougie, to be honest with you, and myself as well," he added. “I don’t think I was ready, at my age, to be an adviser at a football club, albeit Nottingham Forest.
“For my point of view, there’s not too many managers that get sacked and in the next breath get offered to stay on, on the same wages you were earning as a manager at the time.
“I just don’t think it would be workable or fair on the next manger through the door.”
|Forest Under Pearce||8||10||10||34||28|
As the statistics show, Pearce's record as Forest boss descended into mediocrity - especially unimpressive for a side aiming for promotion to the Premier League.
In 28 games, the 52-year-old accumulated just 34 points, winning eight times, drawing 10 games and losing 10.
A strong start to Nottingham Forest's Championship campaign didn't last and Pearce was criticised for not making use of an expensively assembled squad.
Freedman, by contrast, is unbeaten in four games since taking over at the City Ground, having transformed the side's confidence seemingly overnight. But the test of time still remains for the former Crystal Palace and Bolton Wanderers boss...