As expected, the 40-year-old has left Crystal Palace to join a club closer to his Midlands home as he approaches the end of a career that has included spells at the likes of Sunderland, Southampton, West Brom, Aston Villa and Birmingham City.
Phillips has signed for Championship leaders Leicester on a deal until the end of the season as he targets his fifth promotion to the Premier League.
And Pearson is thrilled to add the former England international - who scored the winner for Palace in the Championship play-off final against Watford last May - to his ranks for the promotion run-in.
"The opportunity to sign a player of Kevin's experience and know-how doesn't come along too often so I'm delighted that we've been able to add him to our squad," Pearson told the Leicester's official website.
"He's a player I know well, he's a fantastic professional with multiple promotions to his name and he will bring some great qualities to the group, both on and off the pitch."
