Things are unravelling quickly for the club, who appeared to be nailed on for a playoff spot on the back of a 16-match unbeaten streak in all competitions at the end of 2013 and the beginning of 2014.
They won't have many better chances to end their torrid run of form than a home match against struggling Millwall, but recent results mean that they will take nothing for granted. Their last home league outing saw them beaten 1-0 by Charlton Athletic, a team very much in the mix with Millwall when it comes to the relegation battle.
However, the good news surrounding Pearce's appointment has lifted some of the doom and gloom around the club, and it could have come just in time. Forest have seven games left to save their season, with the impact of their dreadful form being lessened slightly by the teams around them also struggling.
They remain just two points off sixth-placed Reading and could move back into the playoff places this weekend if results go their way. However, with Ipswich Town, Brighton & Hove Albion and even Bournemouth also challenging, a return to form on Saturday is vital.
That will require an improvement at the City Ground, where they have not won since the start of February and have failed to score in their last two games, against Doncaster Rovers and Charlton.
The hosts have not been helped by their injury list in recent weeks, with Chris Cohen, David Vaughan, Kelvin Wilson, Andy Reid and Henri Lansbury all out, while Jack Hobbs and Jamaal Lascelles are doubts.
While the promise of a new manager arriving at the end of the season has sparked optimism in Forest fans, the change of management for Millwall has simply not worked.
Ian Holloway, who began the campaign as a Premier League boss, has led the Lions to a worse record than his predecessor Steve Lomas and now faces the very real prospect of dropping down to League One next season.
He has mustered just two wins in his 15 matches at the helm so far, leaving the club five points adrift of safety having played two games more than 21st-placed Charlton.
Millwall's position looks increasingly perilous, but a similarly unlikely victory on Saturday as they managed on their last trip to the East Midlands - beating Derby County 1-0 - could prove to be the catalyst for a great escape.
They have picked up a league-low 11 points on their travels all season, however, and that shock victory over Derby is their only away win in their last 15 in all competitions.
Nottm Forest: LDDLLD
Possible starting lineups
Nottm Forest: Darlow; Peltier, Collins, Halford, Fox; Jara, Greening; Mackie, Majewski, Paterson; Osborn
Millwall: Forde; Dunne, Beevers, Lowry, Malone; Onyedinma, Abdou, Garvan, Williams; McDonald, Morison
Sports Mole says: 2-1