Pearson, the 49-year-old owner of Super League side Hull, has been widely linked with a move back to the club he used to serve as a director in recent weeks, having admitted he was keen on a return to football and that Leeds were a club which interested him.
With Leeds' owners GFH Capital - who completed their purchase of the club on December 21 - saying they are open to investment from the right partners, Pearson was thought to be someone who was looking to get involved.
But despite strong reports to the contrary, Pearson told Hull FC Live on Tuesday morning that he is remaining at the KC Stadium.
"It's a funny one because Hull FC is mine. I own the club, it's my baby and I want to grow and develop it. Football is my business and I'll always get rumours and connections in football as that's my industry," he said.
"Leeds is a club that I live close to and I've worked there before so I understand how big a club it is but at this minute in time, it's not for me. My focus is completely on Hull FC and my other business interests.
"There'll be no movement to Elland Road in the near future. This is my complete focus and so I'd like to squash those rumours once and for all. I've not made a single comment in the press about it and all my focus and financial backing is on this club."
Pearson took over at Hull in the summer of 2011 and has been robust in trying to establish the Black and Whites as one of the game's powerbrokers.
The signings of big names such as England forward Gareth Ellis have backed up his ambition, but with silverware yet to arrive, he concedes he still has work to do.
"I'm incredibly passionate about the club. Watching the team and the commitment and effort they put in, and the supporters are so passionate about the club, you can't help but reach those levels of passion yourself," he added.
"Certainly I won't be leaving FC until there's some silverware and we're established as a top Super League club. I want to win something and try to get into that top four.
"There are some really strong clubs who all want to do the same thing, with some good owners and some good coaches. We'll just keep battling away but it won't be a lack of effort or a lack of commitment if we don't reach those goals. We are going to be going all out to make sure we succeed here."
Last month Pearson gave an interview in which he said: "I will definitely get back into football. I would like to go in with a consortium with a club that has huge potential. The one that stands out is Leeds United."
Just days later, GFH Capital said they turned down a bid from a consortium, of which some believed Pearson to be a member, to buy a controlling interest in the club.