However, Pearson concedes he is handicapped by the state of the club's finances - which are expected to reveal a loss of around £5million when the club's annual financial report is released soon.
"The acid test will be if we need to move on someone whether we can do it or not, because the bottom line is financially we are not exactly flush with money," he told the Leicester Mercury.
"Yes, we have people in mind who are targets, but whether we can actually do anything or not is another thing. Whether we need to or can do any business is an on-going process.
"We couldn't during the transfer window so whether we can do now or not remains to be seen."