Pearson was sacked as Foxes boss in June despite guiding them to a miraculous survival last season where they won seven of their last nine matches to finish 14th.
“They will win it,” he said
“A lot of people in the game haven’t really sussed what Leicester are about. They’ve got some really good players – Vardy’s form has been unbelievable – but collectively they’re a strong group.
“They coped with the pressure exceptionally well last year and they’re doing the same this year. They won’t be interested in what anyone else says. Good luck to them. I think they’ll do it.
“I would be dishonest if I said I would be happy for everyone there.”