The Championship side are currently without a manager after they sacked Dougie Freedman.
Forest are without a boss having sacked Dougie Freedman in the wake of the club's disappointing 3-0 home defeat to Sheffield Wednesday last weekend.
And Gemmill - who was part of Brian Clough's hugely successful sides at the City Ground and at bitter rivals Derby previously, winning three league titles and being part of the Forest team that won the European Cup in 1979 - suggested that the club's owner Fawaz Al Hasawi should look to the former Leicester City boss as the man that can take the club forward.
"Forest now have to go for someone with an exceptionally good track record," he told The Scottish Sun.
"Someone like Pearson. If he went in then next year there would be every chance of getting automatic promotion or at least the play-offs.
"That's the sort of road Forest have to go down."
The 52-year-old proved how well he can galvanise a struggling side during his time at the King Power Stadium as he took them from the bottom of the Premier League with nine games to go last season and led them to seven wins from their remaining games to not only keep them in the division, but to take them up to 14th.
While that achievement was undoubtedly incredible, it is perhaps his experience and success in the Football League that may appeal to Forest right now.
During his two spells with the Foxes, he helped them win both the League One and Championship title, and his win-rate over the two tenures works out at just over 48%, which is incredibly impressive given that some of those games were played at the highest level.
And if he could replicate that kind of record if he was given the Forest job, then it may not be too long before their long wait for a return to the top flight is over.