Coloccini was allowed to stay in Argentina for treatment after damaging a groin on international duty, while Taylor is battling his way back from a hamstring injury.
However, amid reports that the South American could be sidelined until Christmas, and that the Englishman had suffered a relapse, Pardew revealed both would be given until the last minute to prove their fitness.
He said: "Steven Taylor has trained this morning and we are going to see whether he's going to start on Saturday.
"Colo is not too far away as well, so it will be touch and go for both of those guys. We will have to make the choice tomorrow or Sunday, whenever we think it's right to make that decision."
Mapou Yanga-Mbiwa is suspended for the game at the Stadium of Light after being sent off against Liverpool last weekend, and left-back Paul Dummett is on standby should both Coloccini and Taylor miss out.