The 29-year-old joined the Foxes in January 2012 after a 10-year professional career with their East Midlands rivals, but Forest now want Morgan back at the City Ground following the reappointment of Billy Davies as manager.
Leicester have already turned two offers, the latest of which was £1.5m, from Forest for the centre-back, and Pearson is adamant that Morgan will remain at the King Power Stadium for the 2013-2014 season.
"Wes isn't for sale," Pearson told the Leicester Mercury. "[Forest] have made a couple of bids but that is irrelevant as far as I'm concerned.
"I have said before I want to try to keep the squad together. If bids come in then there will be questions asked. But I'm working to try to get the team prepared for the campaign.
"I can't do anything about what other people do. All I can say is that we don't have any intention of selling him."
Morgan has made 70 appearances for Leicester, scoring once.