The Romanian walked out on a Fiorentina training session earlier in the month and was subsequently banned from training with the Serie A side.
Mutu, 32, has a history of controversy after failing two doping tests in the past at Chelsea in 2004 and again in 2010 with current club Fiorentina.
Yet despite losing Andy Carroll to injury, Pardew has insisted he is not interested in Mutu.
The Magpies boss has confirmed that he wants to make one new signing before Monday night, but quashed talk of a move for Mutu.
“I can say 100 percent there is nothing in that one,” he told the club’s official site.
“We had the news about Andy, and he’s still out. We’re going to be sweating on him for Arsenal, so that’s disappointing, but it doesn’t change my thinking in the transfer window.
“Maybe it would have if Shola [Ameobi], Besty [Leon Best], Nile [Ranger] and Peter [Lovenkrands] hadn’t done so well, but we’re not going to be bringing in a panic buy.
“This won’t change the course of events in the next few days.”
The news will come as a blow to Mutu, who is on the lookout for a new club after his expulsion from the Fiorentina first team.
By Ben McAleer
