The Foxes are believed to have had a £7m bid for Leonardo Ulloa turned down by Brighton & Hove Albion.
Pearson has insisted that while he is looking at potential targets, Leicester will not be held to ransom over any deals.
"We have had an interest in a number of players and some haven't worked out for various reasons. The players we are currently interested in, if we can achieve that then fine," he told the Leicester Mercury.
"We will continue to strengthen the squad before the season starts, if and when we can. If players become available that we feel are right for us, I know we have the ability to achieve a certain amount of success in that regard.
"Sometimes you get to a value with a player where it no longer becomes doable. I am prepared to pull the plug if I think we are not going to get the right players at the right price."