The Magpies veteran will have just one year remaining on his current deal at the end of the season but will be given the chance to extend his 13-year stay at St James' Park
The 31-year-old has spent the entirety of his 13-year career with the Magpies, with a brief loan spell at Stoke City in 2008, and still remains in Pardew's plans for the immediate future.
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"He’s still got another year here with us, and I don’t see a problem extending that," Pardew told The Evening Chronicle.
"I think the bottom line with Shola will be how long he wants to stay at one club, because he’s been here all his career."
Ameobi has scored 76 goals in 362 appearances for the Toon, with 122 of those games having come from the bench, making him the most used substitute in the history of the Premier League.
His last strike against Metalist Kharkiv sent Newcastle into the Europa League’s last 16, and should he play in both legs of the Magpies' upcoming quarter-final, he will break Alan Shearer's record for the most appearances for the club in European competitions.
His manager added: "I hope he wants to stay, but that’ll be his decision."