Their recruitment strategy to flip the struggling club around has been a long one over the last 12 months, but is beginning to look close to complete now.
It's understood the club's hands will be supposedly tied by their new salary cap restraints from so many purchases, but new director of football Phil Gould is a noted fan of the Newcastle and former New South Wales Origin representative.
The 32-year-old, now in the twilight of his career, is still contracted to the Knights for the 2022 season, but the club are understood to want to shift Kalyn Ponga into the halves from 2023.
With young half Simi Sasagi in the system, as well as the acquisition of Jake Clifford from the North Queensland Cowboys, it's thought Pearce may not be retained by the Knights at the expiration of his current deal.
Pearce is also understood to want to play in Sydney to close his career.
While Thompson would free up plenty of salary cap if Canterbury wanted to chase Pearce for 2023, they will also need to sort out their own halves situation.
There have been plenty of rumours regarding the departure of Flanagan and Lewis, although Gould is understood to want to see Flanagan play behind a far superior team to the one he has had at his disposal since arriving at Belmore from the Sydney Roosters.
Pearce will be able to negotiate with other clubs from November 1.