The 23-year-old striker will return to Tyneside, along with former Magpies team-mate Kevin Nolan, as part of the West Ham squad for Sunday's Premier League game.
Carroll is on loan at Upton Park after Liverpool allowed him to move on, but Pardew believes his £35m move to Anfield in January 2011 has paved the way for Newcastle's recent success.
He said: "The position we are in, if I'm honest, is because we used the money from Andy's sale well.
"He was a brilliant player for us, but the fee was astronomical. We have used it well and we owe a great debt to him.
"It's nice to see Kevin come back. He did a super job here. Whatever he was asked to do, he conducted himself well. And he gets a goal. He has proven that at any level, he will get a goal.
"I'm looking forward to seeing them both and I enjoyed working with them.
"There will be a lot on the game. Kevin will be determined to get a result, as will Andy and the manager coming back."
The likes of Yohan Cabaye, Demba Ba and Papiss Cisse have been recruited since Carroll and 30-year-old Nolan left the club and, while Pardew is well aware of the pair's individual talents, he has no complaints over his lot after guiding the club to a fifth-placed finish in the Premier League last season and back into Europe.
He said: "Both of those players would be good additions to this squad, but players have to move on for the sake of the team. That's the Andy Carroll one.
"Kevin was a bit different, he wanted a long contract we wouldn't commit to, but he got one at West Ham.
"He deserves it because he is a great player, but the board didn't think the long contract for Kevin was something he would get here."