Chairman Vichai Raksriaksorn and vice-chairman Aiyawatt Raksriaksorn have issued a statement in response to reports former Tottenham boss Redknapp had met club representatives to discuss a possible return to football management at the King Power Stadium.
The Foxes began the season with four defeats from their opening seven games in all competitions, including a Capital One Cup exit to Burton, putting pressure on Pearson. Since then, Pearson has overseen an improvement in performances which has seen the team win their last four league fixtures to move second in the table.
The club have now thrown their support fully behind Pearson and the statement read: "Given the recent unwarranted and inaccurate speculation in relation to our manager, we wish to set the record straight in the most unequivocal manner.
"Nigel has and continues to retain our total support in helping us to deliver our stated long-term aim of achieving footballing success. Nigel is absolutely key to what we are trying to achieve. Our appetite and desire to achieve success with Nigel as our manager remains undiminished."
Pearson returned for his second spell at Leicester in November 2011, after leaving the Foxes to join Hull in June 2010, and has reaffirmed his desire to remain at the club.
He said: "Earlier in the week I dismissed the speculation as nothing more than a minor irritant. My focus is, has, and always will be to deliver results on the pitch. I enjoy an excellent working relationship with the owners and directors of the football club and all my energies and those of my staff are totally focused on Saturday's home game with Bristol City."