All the major firms have juggled their odds and suddenly Pearson's side are no longer favourites to take the drop.
Back-to-back wins against West Ham and West Brom have sparked a major swing in his side's chances of a miracle escape.
They tackle Swansea today knowing that if they can chalk up three-in-a-row, they could leapfrog out of the relegation zone.
Pearson said: "We're maybe still the underdogs because we are at the bottom of the table.
"I have been made aware of what the bookies have said but we have still got to gain points on teams. It is really important that we keep our focus."
And while he might like the reasons for the mood change, he'd prefer to creep out off the radar if possible.
He added: "If you can use the underdog thing, great. It really is about dealing with the situation that you are in, and then allowing the players to go out there without pressure."
