According to the Telegraph, Redknapp will join the Rams as director of football, in the aftermath of Saturday's 3-3 draw against Rotherham United, who found themselves 3-0 down with eight minutes still to play.
Derby sacked head coach Paul Clement in February, appointing academy director Darren Wassall until the end of the campaign, but their league position - fifth - hasn't improved.
Wassall has only ever managed on a caretaker basis beforehand, and Pearce suggests the appointment of Redknapp will help to balance out the 47-year-old's inexperience.
"I think Harry can bring a great deal to Derby County," Pearce told talkSPORT on Tuesday. "They have got a hell of a squad.
"Whose decision it was at Derby to bring Harry in, whether it be the manager’s or the owner's, I don’t know, [but] I think Harry’s got a lot to give any football club. [He's got] vast amounts of experience."
Pearce, who was sacked by Derby's East Midlands rivals 13 months ago, played under Redknapp at West Ham between 1999 and 2001.
Since then, Redknapp has managed Portsmouth, Southampton, Portsmouth (again), Tottenham Hotspur and Queens Park Rangers, with whom he won the Championship play-offs two years ago - beating the Rams, ironically, in the final at Wembley.
The 69-year-old resigned from his post with the R's struggling in the Premier League last season, and has been out of work ever since.