That would be bad news for former Toon full-back Ryan Taylor, who was looking to sign for Bolton before the start of the season.
Leicester City announced Pearson had been relieved of his duties, saying "fundamental differences in perspective exist between us".
The most recent season was not without incident for Pearson, who found himself at the centre of several controversies.
The 51-year-old was fined £10,000 and handed a one-match touchline ban after arguing with a fan during the club's loss to Liverpool in December.
Two months later, he put his hands around Crystal Palace midfielder James McArthur's neck while the player was on the ground but Pearson later accused Match of the Day pundits of "making a mountain out a molehill".
In March, he bizarrely called a reporter an "ostrich" after being irked by the line of questioning before issuing an apology the following day.
Pearson's son James was one of three players sacked for their part in a sexually-explicit video in which racist language was used during the club's post-season tour of Thailand.