The Chelsea defender is expected to win his 100th international cap when the Three Lions host Brazil at Wembley on Wednesday.
The 32-year-old will become only the seventh player in history to reach the landmark if selected, and Pearce believes that Cole is one of the all-time greats for England.
"In my mind, he's the best left-back that's ever played for England. That's a fact, in my eyes," said Pearce.
"To play 100 times for his country is an amazing achievement.
"It shows not just a consistency of ability, it shows a dedication to want to turn up week in, week out, month in, month out for your country."
Cole made his England debut against Albania in March 2001.