The Tigers started the season poorly, but the 3-2 win at Sheffield United on Boxing Day put eight points between them and the relegation zone.
Jay Simpson scored twice at Bramall Lane, but Pearson has highlighted his front line as first for strengthening.
"We're in advanced stages in talks with Aaron Mclean and Matty Fryatt now," he said.
"We've put a run together so we are seeing some progress now. I think the signs are promising."
Mclean leads the line for the League One side Peterborough United, while Fryatt worked with Pearson at Leicester City.
Craig Bellamy, the Cardiff City forward, has given up his role as captain of Wales.
Bellamy, 31, made the decision as he felt he is no longer a first-choice pick for international manager Gary Speed.
"I'm not going to be able to play every game for Wales so I feel it would be best to give the armband to someone who will be there for every game," he said.
"I feel, with the young squad we have, it would be best. Being captain for Wales was great. It's a huge honour. I will get right behind the next person who does it.
"I've always said I'll never retire but I have to be clever about which games I play and which games I can't."