Morgan has made 70 appearances for Leicester since joining from Forest in January 2012, but he is wanted back at the City Ground.
An initial offer of £1million was rejected, and an increased bid of £1.5m has also been turned down, which has prompted Pearson to issue another hands-off warning.
"Wes isn't for sale," Pearson told the Leicester Mercury. "They (Forest) have made a couple of bids but that is irrelevant as far as I'm concerned. I have said before I want to try to keep the squad together.
"If bids come in then there will be questions asked. But I'm working to try to get the team prepared for the season.
"I can't do anything about what other people do. All I can say is that we don't have any intention of selling him.
"What you get with these situations is external influences trying to destabilise us as a football club and ask some questions.
"It happens, I'm sure I'll get asked again, but it is what it is and I think I have made my position quite clear.
"I don't really take much notice of it to be perfectly honest. I'm more concerned about how it affects the squad and I certainly don't want the fans to be concerned about us."