The Foxes will have to pay out £350,000 to acquire the 48-year-old's services, according to The Mirror.
Leicester have been looking for a new boss since they sacked Sven-Goran Eriksson last month.
Pearson remained coy over his Hull future when asked after Saturday's 2-0 defeat at home to West Ham United.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Leeds UnitedLeeds | 30 | 18 | 9 | 3 | 60 | 19 | 41 | 63 |
| 2 | Burnley | 31 | 16 | 13 | 2 | 37 | 9 | 28 | 61 |
| 3 | Sheffield UnitedSheff Utd | 30 | 19 | 6 | 5 | 41 | 21 | 20 | 61 |
| 4 | Sunderland | 30 | 16 | 10 | 4 | 45 | 26 | 19 | 58 |
| 5 | Blackburn RoversBlackburn | 31 | 13 | 6 | 12 | 35 | 31 | 4 | 45 |
| 6 | West Bromwich AlbionWest Brom | 30 | 10 | 14 | 6 | 39 | 27 | 12 | 44 |
| 7 | Middlesbrough | 30 | 12 | 8 | 10 | 49 | 39 | 10 | 44 |
| 8 | Norwich CityNorwich | 30 | 11 | 9 | 10 | 49 | 42 | 7 | 42 |
| 9 | Bristol City | 30 | 10 | 12 | 8 | 38 | 35 | 3 | 42 |
| 10 | Sheffield WednesdaySheff Weds | 30 | 11 | 9 | 10 | 43 | 46 | -3 | 42 |
| 11 | Coventry CityCoventry | 30 | 11 | 8 | 11 | 41 | 38 | 3 | 41 |
| 12 | Watford | 30 | 12 | 5 | 13 | 40 | 42 | -2 | 41 |
| 13 | Queens Park RangersQPR | 31 | 10 | 11 | 10 | 35 | 40 | -5 | 41 |
| 14 | Millwall | 30 | 10 | 10 | 10 | 30 | 27 | 3 | 40 |
| 15 | Preston North EndPreston | 30 | 8 | 13 | 9 | 33 | 38 | -5 | 37 |
| 16 | Oxford UnitedOxford Utd | 31 | 9 | 10 | 12 | 34 | 45 | -11 | 37 |
| 17 | Swansea CitySwansea | 30 | 9 | 7 | 14 | 32 | 42 | -10 | 34 |
| 18 | Stoke CityStoke | 30 | 7 | 11 | 12 | 28 | 37 | -9 | 32 |
| 19 | Cardiff CityCardiff | 30 | 7 | 10 | 13 | 33 | 51 | -18 | 31 |
| 20 | Portsmouth | 30 | 7 | 9 | 14 | 36 | 52 | -16 | 30 |
| 21 | Hull City | 30 | 7 | 8 | 15 | 31 | 40 | -9 | 29 |
| 22 | Derby CountyDerby | 30 | 7 | 6 | 17 | 32 | 41 | -9 | 27 |
| 23 | Luton TownLuton | 30 | 7 | 6 | 17 | 30 | 49 | -19 | 27 |
| 24 | Plymouth ArgylePlymouth | 30 | 5 | 10 | 15 | 29 | 63 | -34 | 25 |
| > Championship Full Table | |||||||||
