Both players have helped the Magpies surprise onlookers this season with a rise to sixth in the Premier League table.
"Danny has impressed me this season. He has been outstanding when given his chance," said Pardew. "I haven't had a chat with him about a new contract but it will happen shortly.
"These negotiations are going to be difficult for him, but he's in a good place and he needs to remember the grass isn't always greener.
"And high on my list is a new contract for Coloccini. I would like to get his future at the club sorted out. He has been outstanding and justified my decision to give him the armband. He is a huge player for us."
Newcastle travel to Brighton & Hove Albion in the FA Cup fourth round on Saturday.