The 23-year-old has struggled for form and fitness since swapping Newcastle for Liverpool last January in a £35m deal.
Recent reports have linked the England international with a return to the Magpies, but Pardew has moved to cool the rumours.
"I think it's unfair on the Newcastle public and I think it's unfair on Andy," said the boss.
"It was speculative journalism that had no foundation."
Carroll has made three appearances for England.