The 22-year-old contracted viral meningitis two weeks ago, immediately plunging his chances of featuring at the Olympics into doubt, but he has since returned to fitness and training.
Pearce admitted that Sturridge has impressed since returning to the squad and his place could hinge on coming through unscathed when the side take on the Selecao in Middlesbrough.
"He looks very good, to be fair," Pearce told reporters. "Obviously, we are hoping to play him in some part of the game tomorrow, and really make a final judgment call at that stage.
"But everything we have asked of him at the moment, he's done. He's come through that OK.
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"He has been blowing on occasions when he has done, but I think the game from a physical point of view, will tell us quite a lot."
The 50-year-old also insisted that the side are not fully prepared for the Games yet and is aiming for his players to gain fitness against Brazil before finding top form by the time they open their campaign against Senegal.
He added: "We know we are not where we want to be at the moment. We are in this build-up process and the game and the fitness the game will give us will be a fantastic pointer to where we actually are at this moment in time.
"As I said to them when they first walked through the door, we need to be peaking for the Senegal game and we have to accept that we are going to get fitter and stronger day by day.
"We want to bring them to the boil around the Senegal game and beyond that."