The Magpies tabled a "substantial" bid for 23-year-old Lyon midfielder Clement Grenier on Wednesday just hours before Cabaye completed his big-money switch to Paris St Germain, and Pardew is now awaiting developments.
Asked if he was hopeful that a deal could be struck, Pardew said: "I don't know. We have two days left and we will have to wait and see. I'm obviously hopeful and that's where I sit today.
"He [Grenier] has tremendous creative technical ability and he's a player that Newcastle fans would love to see at the football club.
"But he's still not our player, so until he is... I will wax lyrical about him then."
Asked if he might have to remain patient and wait until the summer to replace Cabaye if the Grenier deal did not go through, Pardew said: "There's no option, really, other than to do that, but we will have to see how we go in the next two days."
Pardew does have one new signing on board following the arrival of Borussia Monchengladbach striker Luuk de Jong on loan, and he will go straight into the squad for Saturday's derby clash with Sunderland.
The 52-year-old said: "I'm pleased in so much that he's a player we have had our eye on for a while.
"He was someone we couldn't quite reach in his last transfer move in terms of the finance, but that hasn't worked out as perfectly as perhaps they both hoped, the team and Luuk, and he's ended up here.
"But he has done well today and we are looking forward to his inclusion in the squad. He's a big presence of a player, he's a goalscorer and if there's a criticism you would aim at us, maybe we could do with scoring a few more goals."