Rumours in the North East claimed that the Belgian international had been spotted outside of the Magpies' training complex on Sunday afternoon.
However, Pardew has confirmed that the 21-year-old was not on Tyneside this weekend and is unlikely to sign on at the Sports Direct Arena.
"It's unfair on our fans - they'll be looking up Hazard and people like that," Pardew told the Evening Chronicle. "The guy's worth about £36m. He ain't coming here.
"If he was at the training ground, I'd rather have been there than at the game!
"He wasn't, and unfortunately I don't think he will be."
Hazard has been linked with Manchester United, Chelsea, Real Madrid and Inter Milan in recent weeks.