Newcastle missed out on top striking target Kevin Gameiro last week as he signed for PSG - but now he could look to one of their players instead.
Turkish international Erding, who has also been linked to Sunderland, could be one of those to suffer from Gameiro's arrival and Pardew is now pondering a swoop for the 24-year-old, who cost PSG £7.9million when they signed him from Sochaux in 2009.
"Erding has always been on our radar," Pardew admitted.
"He's a very good player and that is all I will say at the moment."
The Newcastle boss also revealed his disappointment at losing Gameiro, and he will be aware the likes of Lille and Rennes are also looking at Erding.
"We had a bit of a disappointment with Kevin Gameiro as he has decided to go elsewhere. We made a fantastic offer to the club and to him but these things happen," he said.
"We tried very hard on that one, but we always knew there would be setbacks along the way and we have always had other people in mind, deals we have been trying to keep to ourselves for obvious reasons.
"We are working extremely hard to make those deals happen and I'm pretty happy with how things have gone so far. We should have another signing finished in the next few days, and we will able to confirm that one as well."
He also confirmed his interest in West Ham's Demba Ba, who is understand to have agreed terms with both Newcastle and Everton.
The 26-year-old is now deciding where his future lies, with Newcastle confident they can finalise a deal for him - which would see him move on a free transfer following West Ham's relegation from the Premier League.
"Demba Ba has done very well since he came to England and he's a good player," he said.
"I'm very much aware of him and I probably know what he is capable of more than most because I've known about him for a while, before he went to West Ham.
"We're not the only club who are interested, but we are trying. There is always competition and we will keep plugging away.
"If we can get him and another two in before the end of next week I'll still be looking for another two new faces to join us before the start of the season.
"To get a player like Yohan Cabaye in so early has been a big bonus. Not many clubs have managed that sort of business yet so I'm very happy with that."