Pearce, who played for the club for 12 years, said earlier this week that he still had managerial aspirations and described the job as an "outstanding opportunity" for the right person.
However, the 51-year-old feels he is not that man after holding talks with Forest owner and chairman Fawaz Al Hasawi about succeeding Billy Davies.
He told talkSPORT: ''I've had a chat with them but at this moment in time, for personal reasons, I've decided not to take it any further.''
Asked if he was tempted by the offer, Pearce added: ''There was an emotional pull because I had 12 great years at that club.''
Source : PA
Source: PA