Chairman John Wardle announced this lunchtime that Pearce has been offered the job and has agreed a contract for an initial period of 2 years, which will then continue on a rolling 12-month basis.
"I want to be successful as a football manager, make no mistake about that," the former England captain told the Manchester Evening News.
"I'm not here for 2 or 3 months, I am here for the long term. As a player I did not want to be judged on a couple of games but on 10 or 20 years. I am the same as a manager.
"It is in 10 years' time that I want people to look back and see what kind of a job I have done."
Pearce was named the Premiership's Manager of the Month after a run of 3 wins and 3 draws in April, and another victory at Villa last week has set-up a 'UEFA Cup play-off' with Middlesbrough on Sunday.
"I have my fingers crossed that we get the win and other results go for us," he added. "Obviously the most important thing is for us to win our game.
"We have put a lot of hard work in over the last couple of months but I guess you could say the hard work really begins now and a place in Europe would be a fantastic way to start the process."
Also today, Wardle unveiled a memorial to Joe Mercer, the most successful manager in the club's history, and David James and Shaun Wright-Phillips were called up for England's tour to the USA.
Meanwhile, over at Old Trafford, United are set to become the Manchester Buccaneers after Malcolm Glazer increased his stake in the club to almost 60% after buying out the shares of JP McManus and John Magnier.
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