The Team GB coach has revealed that the Gunners midfielder is on his shortlist for a call-up to the tournament.
Wenger has previously let his apprehension towards Wilshere's inclusion in the squad be known.
However, Pearce has now told the Frenchman that no manager can stop him naming a player in his Olympic squad.
"We're in constant contact with Arsenal and we'll see how this one rides," said Pearce. "But, will any manager get a veto over who I select? Of course not."
The 20-year-old is currently recovering from a season-long ankle injury.