The Germany international is only under contract at the Emirates until the end of the season.
And so far he's not come close to agreeing a new deal with the Gunners unwilling to meet his hefty wage demands.
Ozil has been touted as a transfer target for Serie A giants Inter Milan, now backed by big-spending Chinese owners.
And Pearce, who used to play for England, says he'd be tempted to sell the 28-year-old - but not fellow Arsenal contract rebel Alexis Sanchez.
Pearce told Sky Sports News: "He [Sanchez] would have been a massive blow for Arsenal if he left the football club in my opinion.
"Ozil, part of me thinks if they get good money for Ozil, take the money and move on.
"But Sanchez definitely not, he’s absolutely critical to Arsenal.
"They’ve done well to hang on to him. Will they keep him in January or get some money for him?
"That remains to be seen but I think he’s critical, his energy for the football club, his assists, his goals, you name it.
"He offers everything."
Arsenal face a two-week wait for their next fixture due to the international break.
Ozil could be fit again when they travel to Vicarage Road to face Marco Silva's Watford in a 5.30pm kick-off on Saturday October 14.
