Pearson steered Leicester to Premier League survival in 2014-15 before Claudio Ranieri took over and won the title last season.
The 53-year-old left Derby after a four-month spell following a fallout with owner Mel Morris which means he will wait for the right job before returning to management.
Pearson told BBC 5 Live’s Sportsweek programme: “It depends very much on opportunities.
“After the situation that I had at Derby I’m going to have to be really excited to come back into it.
“I believe very strongly that you’ve got to commit totally to a job, if you’re asking that of players.
“When you go through a negative experience like I’ve been through, I think it does somewhat taint your perception of how you work sometimes.
“I’ll know when the next opportunity is the right one for me and I look forward to doing that.”
Leicester won seven of their last nine games under Pearson two seasons ago to beat the drop.
Ranieri’s side need points to survive this term after their title defence unravelled.
Pearson added: “I think they will stay up, but they’re going to have to find the answers themselves over the next few weeks.”