Espanyol midfielder Albert Riera looks set to join Manchester City on loan until the end of the season.
Talks are well advanced to bring the Spaniard to the City of Manchester Stadium before the FA Cup match with Scunthorpe on 7 January.
The 23-year-old was once rated one of the best young midfield players in Spain, moving to Bordeaux for £4m in 2003 from Real Mallorca.
But he has made only seven appearances for Espanyol this season.
Pearce is looking for three or four players in the January transfer window to boost his side's push for a European place.
He said: "There is still a deficit of players from the summer.
"Three or four signings would be a reasonable number to supplement the squad we already have."
Pearce added he had received no offers for out-of-favour forward Robbie Fowler.
The former Leeds and Liverpool striker had been linked with a loan move to Norwich and his contract is up at the end of the season.
"The Robbie Fowler situation is irrelevant," said Pearce.
"He is like anyone else at our club in that if someone made a serious offer for him, we would sit down and think about it but we have had no inquiries."
Interesting. He obviously has potential, as Bordeaux saw the need to pay £4m for him. Hopefully Psycho can tap into that ability like he has done with our players so far. But it looks like Kiki's spell here could be coming to an end.