The Magpies were major players in the last January transfer window as they swooped for Mathieu Debuchy, Massadio Haidara, Mapou Yanga-Mbiwa, Moussa Sissoko and Yoan Gouffran in an ultimately successful - if only just - bid to avoid relegation.
This time around, Pardew believes they can afford to be more strategic.
Alan Pardew: "It would be foolish not to have targets, so there are a few people we are looking at, making a few phone calls just to see if they are staying until the summer or what their views may be.
"Those are the sort of calls we are making.
"If we think there's an opportunity arisen - and there can be in January at times - then we will grasp it; if not, we won't.
"We have got a good team, we have got good back-up. We are stronger than we were two years ago, when we finished fifth, in terms of depth.
"Whether the first XI can achieve the same results throughout the season, we will have to wait and see, but the signs are good and the players are playing terrifically well."
Source: Newcastle United Mad