The Hammers currently trail the German side 2-1 in the Europa League semi-finals ahead of Thursday's second leg at the Waldstadion, and first-team coach Pearce has issued a rallying cry going into the game.
West Ham went into the first leg in high spirits following their 3-1 win over Lyon on aggregate in the quarter-finals, but quickly had their bubbles burst as Frankfurt went on to beat them 2-1 on their own turf.
The Hammers' form has taken a dip in recent weeks bar their victory in France in the competition, losing to Brentford, Chelsea and Arsenal and drawing with relegation-threatened Burnley in the Premier League.
However, despite going into Thursday's decisive tie on the back foot, there is still strong belief within the east Londoners' camp that they can still reach the final at Sevilla's Ramon Sanchez-Pizjuan Stadium.
Speaking to talkSPORT the day before the semi-final clash, Pearce explained that whilst the game against Frankfurt will be 'tough', playing Rangers or RB Leipzig in the final is still possible.
The former Hammers player and current assistant coach, who made 50 appearances for the club, said on talkSPORT Breakfast: "It's going to be a tough one for us, you know. We probably didn't do ourselves justice in the first leg.
"We conceded a couple of cheap goals and it's put us in a deficit at this moment in time. But, listen, we feel it's all to play for.
"It's a wide open game. I'm not sure there's much to choose from between the pair of us [West Ham and Frankfurt], it's all on the night."
Pearce then went on to send a strong message to his and David Moyes' players, urging them to repeat their performance against Lyon to book their final place.
However, the ex-defender also noted that reaching the last four of a European competition has already marked a big moment in the club's history.
"I think it'll be a great occasion for the football club and the fans that are travelling over there," he added.
"With this squad of players we trust that they're capable of anything and we showed that when we went to Lyon and got a hell of a result and put in a hell of a performance.
"We're going to have to do the same again."
talkSPORT will have full coverage from the Waldstadion with kick-off set for 8pm. Hugh Woozencroft will be your host while commentary will come from Sam Matterface and former West Ham striker Dean Ashton.
To tune in to talkSPORT or talkSPORT 2, click HERE for the live stream.