Pardew has already lost Yohan Cabaye to Paris St Germain and is therefore keen to bolster his squad with the capture of Grenier after Newcastle tabled a "substantial" bid for the 23-year-old.
Asked if he was hopeful a deal could be completed, Pardew said: "I don't know. We have two days left and we will have to wait and see. I'm obviously hopeful.
"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."
Pardew admitted he may have to be patient and try to secure his services in the summer if the deal does not go through before the end of the January transfer window.
"There's no option, really, other than to do that (be patient), but we will have to see how we go in the next two days," he added.
Pardew has already completed a deal to bring Borussia Monchengladbach's Luuk de Jong in on loan and he confirmed he will go straight into the squad for Saturday's derby clash with Sunderland.
"I'm pleased in so much that he's a player we have had our eye on for a while," said Pardew.
"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."