Former Forest defender Pearce officially took control at the City Ground in July and full-back Hunt becomes his seventh new addition.
Hunt's move back to the Championship comes after spending the second half of last season at Barnsley, having struggled with injury after joining Palace in September 2013 from Huddersfield Town.
He is yet to make a competitive appearance for Tony Pulis' side and will hope to change that by impressing during his time under Pearce's guidance.
Hunt becomes the second player to leave Selhurst Park on Tuesday after Spanish midfielder Jorge Campana completed a move to Sampdoria for an undisclosed fee.
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