Memento star Pearce will return to his role as Mike Young alongside Donovan as Scott Robinson for the finale of the Australian soap, due to air on 29 July.
Pearce, 54, began his career on Ramsay Street before landing roles in Hollywood such as L.A. Confidential, The Hurt Locker and The Road, and will revisit his roots as Neighbours airs for the last time after 37 years on screen.
He said: “Jason and I see each other all the time, and we still call each other Scott and Mike, which is a bit sad!
“Whenever I’m in London I’ll see Jason most times and I’ll see Kylie as well if she’s around.
“There are a few others I catch up with when I’m in Melbourne like Stefan (Dennis) and Annie (Jones) of course, she’s been on (crime drama series) Jack Irish with me.”
Donovan and his co-star Kylie Minogue have shared photos of them back on set as Scott and Charlene ahead of the finale, which will also feature Peter O’Brien as Shane Ramsay, Ian Smith as Harold Bishop, Mark Little as Joe Mangel, and Paul Keane as Des Clarke.
Pearce said that the opportunities Neighbours gave him as one of its stars from 1986 to 1989 had launched his hugely successful career.
He said: “There are certain moments in your life that are real markers.
“Being cast in Neighbours, the confidence it gave me and what I learnt being on the show were immeasurable qualities and benefits.
“Of course, there have been other moments when I’ve auditioned for roles and got them, but I can’t ever forget this.
“I always feel super lucky to have got on the show when I did and as we know, it just took off and became huge.”
Neighbours finale will air as a double bill on 29 July at 9pm on Channel 5.
Watch: Neighbours soap scoop! Scott and Charlene return