Nottingham Forest are interested in Foxes captain Morgan and Hull City would like to take goalkeeper Schmeichel, but Pearson has no intention of letting them leave.
He is not surprised to have received offers but feels Leicester need such players to stay so the team can be forged around them.
"We are fighting very hard to keep our best players and build a better side," Pearson told the Leicester Mercury.
"They have both been key performers for us over the last year or so. Wes has been here 15 months and performed exceptionally well all the way through that period, as has Kasper.
"They are really key players, there is no doubt about that. It is important we try and keep our best players.
"There have been bids and that was going to happen and I would have been surprised if that wasn't the case."
Leicester have been back in training for a week as they gear up for the new season, although David Nugent has picked up a calf problem and Paul Konchesky is not yet fully fit following an injury.
"The signs are that training is going very well," said Pearson.
"We have picked up one or two niggles in training but when you progress to playing the tempo of football we have done this morning you are going to get that from time to time.
"But, in general, they are in good condition.
"The injuries aren't serious. David Nugent has picked up a bit of a calf problem and Paul Konchesky is not at full tilt yet, but probably will be next week.
"You have to just manage these things when they come along."