Pearce was sacked as Forest boss last month after just seven months in charge, having made an emotional summer return to the club where he made over 500 appearances between 1985 and 1997.
The ex-England coach had made a fine start to his reign, leading his side to the top of the Championship table after eight matches, but their form tailed off in dramatic fashion from there, picking up just three wins in 21 league games before his departure.
Nevertheless, Pearce has stressed that he loved being back at Forest, and claims his spell helped rekindle his love for both the club and the game as a whole.
“I really enjoyed my time at Forest,” he said on Tuesday morning. “It was seven months I’d been out of football after leaving the FA, and the day-to-day work was brilliant.
“It’s a fantastic football club and really rekindled my love for the place.
“I’m obviously really disappointed to be out of the game again, though. Of the last 12 years, I’ve been in work 11 of those 12 as a coach or manager so I’m looking to get back in.”
Asked if he would consider opportunities abroad, Pearce added that MLS was an appealing option for him, and even revealed that he had applied for two head coaching positions before taking the Forest job.
“I definitely would [like to go abroad]. In fact, a year ago I applied for two jobs in MLS. It’s a league that really appeals to me,” he continued.
“Obviously the lifestyle is great. I helped prepare an England team for an Under-20 World Cup and we were in Denver for a period of time, so I quite enjoyed being around MLS and watching a few games.
“That would certainly be something that appeals to be, especially with MLS taking off.”
With Steven Gerrard and Frank Lampard set to head across the Atlantic in the summer to join the likes of Kaka, Sebastian Giovinco and David Villa, Pearce sees MLS becoming a major power down the road, highlighting its competitive parity as a huge plus point.
“I just think the exposure of the country has helped, and the likes of Frank Lampard and David Beckham have given it credibility. Thierry Henry obviously, too,” he added.
“It’s a well-run league and a very open one too. There are probably only three or four teams who can win the Premier League, which is a bit of a downside really, but MLS is wide open.”
If Pearce were to make the move to MLS in the near future, he wouldn’t be the only high-profile British manager in the league, with Owen Coyle already with the Houston Dynamo after being appointed in December.