The England legend fell ill during a flight from Las Vegas to London Heathrow on Monday.
After receiving treatment from Virgin Atlantic staff and medically-trained passengers, the flight was diverted to St John's in Canada, where Pearce is now recovering in hospital.
Pearce had been in Vegas watching his beloved Warrington Wolves play Wigan Warriors.
The 62-year-old is a big part of the talkSPORT family and works regularly as a pundit and co-commentator.
Our chief football commentator Sam Matterface provided an update on Saturday, having spoken to Pearce ahead of Nottingham Forest vs Manchester City - a meeting between his two former clubs.
READ MORE ON FOOTBALL
Steve Cooper starts new job just four months after Leicester sack
Liam Roberts handed extended ban for horror challenge on Jean-Philippe Mateta
"I spoke to him yesterday, he was in great spirits," Matterface said.
"He isn't 100 per cent - that is definitely the case.
"But he's in the right place in the hospital. They're dealing with it.
"He's a little bit disappointed about not being here today. He actually said to me, 'I've got so much I've had to cancel. Great games and Mumford and Sons are playing next Wednesday night and I can't go!'
Most read in Football
Why Wolves vs Everton is kicking off at an unusual time as clash moved to odd spot
What time is the Sidemen Charity Match today? Kick-off time, line-ups and FREE stream
Mateta is not the answer for Man United - he's not even good enough for Crystal Palace
Ronaldo delivers brutal response to fan as Al Nassr star reaches incredible milestone
"He's in hospital playing Guess The Intro - so he's in good spirits."
Host Reshmin Choudhury added: "We send our best wishes to him, his partner, and all the family from everyone here at talkSPORT.
"We can't wait to have him back when he's ready."
Having started his career with Wealdstone, iconic defender Pearce moved to Coventry City before joining Nottingham Forest in 1985.
It was during his 12 years at the City Ground that Pearce became a legend, making 522 appearances and helping the club to two League Cup successes.
He also won the club's player of the year award on three occasions.
Pearce later played for Newcastle United, West Ham and Manchester City before moving into coaching.
After a spell as interim boss of Nottingham Forest, Pearce spent more than two years as Man City boss before moving into the role as England under-21s head coach - a position he held for five years.
He also famously led Team GB in the 2012 London Olympics before spending seven months as Forest boss once again during the 2014/15 campaign.
Pearce is perhaps best known for his legendary England career.
He won 78 caps for the Three Lions and scored five goals in that time.
While missing a penalty kick in the 1990 World Cup semi-final shootout defeat to West Germany, Pearce famously achieved redemption with his spot-kick at Euro 1996.
Finding the net in the semi-final penalty shootout with Germany, Pearce let out an impassioned reaction in front of a sold-out Wembley crowd in a moment that will go down as one of English football's most iconic images.