The winger is reportedly on the verge of joining Everton for £30million but he remains in training with the club, who host West Brom in their Premier League opener on Saturday.
The manager insists he has no desire to sell the forward, yet that he is "dictated to by the board".
He also said, however, that he will be prepared to replace him with a further signing beyond the two he has already targeted.
"The player is contracted here," said Pardew.
"This guy is a great player and a great person
I love him and will treat him with the utmost respect, whatever the situation.
"But I'm dictated to by the board and there is no deal done as far as I'm aware, that can happen
He's a player that I don't want to lose but if I do, I'm going to have to replace him like-for-like.
"We have replaced three players into the club who are definitely going to take us forward
We will be bringing in, at least in my opinion, two more
"From last season, losing the (FA) Cup final, there is only one way to improve, to get better
There have been a lot of changes at this club over the summer, and there'll be a lot more before we kick-off."
Pardew is expected to hand new £13million club-record signing Andros Townsend his competitive debut on Saturday
Fellow summer recruit James Tomkins is expected to miss out owing to a hamstring injury, as is Steve Mandanda because of a lack of match-fitness.
Townsend's arrival suggests the manager is targeting a more direct approach, one he hinted at by revealing he expects Palace's season to be one of "transition".
"This is going to be a team in transition this season, so our league position might be slightly affected by that, but when we come out the other side I like to think we'll be better for it," he said.
"I want this side to retain the ball, to play a brand of football that at times we couldn't put on the pitch last year, due to injuries, due to the strength of the squad.
"I'm trying to give us a stronger, deeper squad, more quality
Our displays were somewhat inconsistent.
"I've been at many clubs where you change the team, and this is one of those years
In the past it has worked out well for me.
"That's why those three signings were done
The way we play needs to have more consistency
As a club, we looked at all the numbers and things we could have capitalised on
There are certain areas of the team we would like to improve.
"Without having a transfer out, we expect two more players
I've tried to be transparent; the fans deserve to know we have a stronger team this year
We might not be there at the minute but by the end of the window, I hope we will be."
Source : PA
Source: PA