Large sections of the home support called for his exit during the 4-0 defeat by Chelsea at The Hawthorns on Saturday, which was played out in front of empty seats while Lai Guochuan, the Premier League club's Chinese owner, looked on.
"I am really disappointed because I have a great relationship with Tony Pulis".
It left Albion a point above the relegation zone and the club acted by ending Pulis' reign of almost three years.
According to ESPN, the man at the top of West Brom's shortlist is Pearson.
"We wish him well in his future endeavours".
Pulis said: "My remit was to develop the squad and ensure we delivered results which would in turn improve the club's financial position".
Assistant head coach Gary Megson has taken a caretaker role. If we were down the bottom people could throw at you that the players have chucked it in.
The highlight of Pearson's managerial career to date was arguably his second stint as Leicester City boss when he guided the Foxes into the Premier League and then oversaw an incredible escape to keep them up in their first year in the top flight.
They finished 14th in 2015-16 and came 10th last season, but failed to win any of their final nine matches, and Pulis defended his record in a statement released via the League Managers Association.
"Our final league position in the last three seasons has represented the accomplishment of our targets as a club; sustaining our status in the Premier League and delivering stability, throughout the club's transition of ownership".
Former West Ham boss Slaven Bilic and ex-Everton chief Ronald Koeman would be interested but have just lost their jobs for the same reason as Pulis got the chop.