The England international completed a £20m move away from Arsenal this week and could make his Toffees debut against West Brom at Goodison Park on Saturday.
And, ahead of this weekend's clash, Pardew has admitted to holding an interest in signing Walcott, be it on a permanent deal or on loan terms.
"You never know because sometimes in the Premier League there are scenarios where you can loan and do the transfer in the summer. It can help the FIFA rules and everything else," he said.
"With players like Theo, is it a straight deal or something which could be a loan and a deal in the summer? All these equations have to be discussed.
"If you're asking me did we discuss Theo? Yeah, we did, but it was pretty evident after a few phone calls that it wasn't going to be the case."