The 31-year-old has not played all season after being released by Tottenham in September but has been linked with a January switch to a number of Premier League clubs.
Pardew says Palace, who are eighth in the table and just five points off the Champions League spots, must at least consider Adebayor as a solution to their striking problems given the scarcity of quality centre forwards available.
"I think Adebayor is a player who is kind of out there for somebody," he told reporters. "It is a question of ourselves looking at that one and wondering where the right club for him is and whether he is the right player for us.
"It is something that is in our mix and we will have to wait and see.
"We are trying to bring a striker in - whether permanently or on loan - and myself and [chairman] Steve [Parish] are making a lot of phone calls to try and resolve that.
"You want to try and bring in a quality player and so therefore you can't dismiss anyone, or not think about all the strikers that are possibly available.
"Of course 90 per cent of them are not available, they are at clubs and they are on good contracts - the clubs want them because they are successful.
"There are not many who have not been in the first team. It is a very, very small market for us and we are focusing on that.
"[Adebayor] is in that group. Not just for us but many teams in the Premier League to wonder whether that is something you can do a deal with. We still think another striker in the group would pay dividends given the position we are in.
"Although we are in a little negative period in terms of our [recent] results, our results overall are still strong. Two or three more wins and we would be really kicking ourselves if we didn't strengthen."