Pearce was sacked by Forest's Kuwaiti owner last season.
With a transfer embargo in place, promotions aspirations on the back-burner and a coach with limited managerial experience in charge until the summer, some disillusionment is to be expected from supporters of Nottingham Forest.
It was announced on Sunday that Paul Williams will replace Dougie Freedman in the Forest dugout, after the Scot became the sixth manager to lose his job since Fawaz Al-Hasawi bought the club less than four years ago.
The fifth one, Stuart Pearce, was asked by talkSPORT's Colin Murray on Tuesday if it was time for Fawaz to exit the City Ground, and admitted that Forest fans have every right to feel aggrieved by the situation.
"I think if you ask any of the fans there, while they appreciate some of the finance that he’s put into the club early on in his reign, I would think that they would probably welcome new owners coming in," said Pearce.
"At this moment in time they’re very disgruntled the fans, to be honest with you they’ve certainly got reason to be."
Pearce, who played over 500 games for Forest during the 1980s and '90s, returned to the City Ground as manager in the summer of 2014, having managed the club on a caretaker basis 17 years earlier.
The reunion was going well initially, with Forest occupying a top two position for nine of the first 11 matchweeks, but a dip in form led to Pearce being shown the door in February.
Freedman came in, but was unable to address the side, and the Tricky Trees ended the campaign in 14th, where they currently reside after 36 matches.