The former Manchester City boss has been in his current role in the national set-up since 2007 but is only under contract with the FA up to July of this year.
England's youngsters will compete in the European Championship finals in June and Pearce has admitted that his future is unlikely to be confirmed before the tournament in Israel.
He said: "The last thing we've heard was probably it might be deferred to the summer. It is not a major priority for myself. The tournament is more important for me."
You can follow live coverage of England Under-21s' Tuesday-night friendly with Sweden live on Sports Mole from 7pm.