The Foxes travel to west London for the sixth-round tie, having already won away at Barclays Premier League opposition in this season's competition after beating Norwich in the previous round.
Pearson's side start as massive underdogs to reach the semi-finals at Wembley against Chelsea's star-studded squad.
But he insists there is a feeling in the Leicester camp that they can cause a shock - if they are brave against the three-time Premier League winners.
"If you speak to the players, just the fact they are looking forward to it tells you they do believe," said Pearson.
"It is about collectively being focused on doing a job. Yes, it will be a tough game, but they will have a respect for us and be mindful of the fact we have some players who have the capability to have a huge impact on this game - in all areas.
"Whoever you play you have to have respect for them, but our players have to go out and see this as an opportunity to play against a side that has been one of the most successful teams in the country for a number of years.
"We know they are a talented side but we have to be competitive, and that means being brave enough to play our own game and being brave enough to ask questions of them.
"It is not the case of us hiding the fact we are underdogs, we want to give a good account of ourselves and cause them problems. It is a fabulous opportunity to show what we can do."
Pearson is no stranger to cup runs and reached the FA Cup final with Middlesbrough in 1997, losing 2-0 to Chelsea.
That Blues side contained current caretaker manager Roberto Di Matteo, who scored the opening goal which whizzed past Pearson's head after only 42 seconds.
He added: "A semi-final place is up for grabs and anything can happen on the day. I have been very fortunate to be involved in some very successful cup runs in my career as a player.
"To go to a stadium like Stamford Bridge is something all the players are looking forward to.
"We have to be prepared and have a big-game mentality. The players have earned the right to play in this quarter-final tie and there will be a lot of players and clubs who would love to swap places.
"It is important that our level of performance does us justice, having earned the right to test ourselves against a team like Chelsea."
Right-back Lee Peltier has resumed training after a thigh injury kept him out of Tuesday night's npower Championship victory over Birmingham and he should be in contention, while left-back Paul Konchesky is available after serving a three-game suspension.