The former Manchester United man is reportedly being targeted by Arsenal and Manchester City as well as his old club ahead of the January transfer window.
Evans, whose current contract at The Hawthorns runs out in 2019, has refused to pen a new deal with the Baggies.
"I think you have to be realistic in these situations," Pardew told The Mirror. "Jonny is a top player, other clubs were interested in him in the summer.
"We know that and he knows that. If the bid is such that it becomes very difficult [to turn down], we will look at it then.We will give him the deal we can possibly go to on the financial side and length of contract, but that might not be the whole thing with Jonny.
"The scrutiny can impact on you, your performance can go off, he has been up for the battle though. He's not caused me any kind of negativity that sometimes players can do. He gets a big tick in my report."
West Brom are 19th in the Premier League and have won just two of their 18 games this term.