A permanent return to QPR fell through last month while Nottingham Forest, Birmingham and Cardiff are all understood to be interested in the 26-year-old.
Routledge starred for the Magpies as they romped to the Championship title in 2009/10 but failed to continue that form in the Premier League last season and was sent on loan to QPR.
However, it is thought that Routledge, who is under contract until 2013, would prefer to stay at St James' Park and fight for his place.
And while Pardew is still willing to sell the former Crystal Palace trainee, he has indicated that he will give Routledge a chance to impress after he returns for pre-season training on Monday.
He told the Chronicle: "Has Wayne a future here? Wayne is still a Newcastle United player and he is under contract.
"He comes back on Monday. After that we will just have to go from there."
The arrival of Sylvain Marveaux means Routledge will face even greater competition with Jonas Gutierrez, Joey Barton, Dan Gosling and Danny Guthrie are capable of playing out wide.
Pardew has also made Leon Best, Nile Ranger and Alan Smith available for transfer.