The striker, who scored 22 goals last season, penned a two-year contract extension at the King Power Stadium on Wednesday.
"David's contribution to the squad goes a lot further than the goals he scores or the assists he provides. He's a striker that works incredibly hard for the team and helps us to set a tempo that other teams found difficult to cope with last season," Pearson told the club's official website.
"He's a hugely popular, infectious character in the dressing room and a really important part of this group, so I'm delighted that he'll be staying with us in the Premier League."
Nugent joined Leicester from Portsmouth in 2011.