The Newcastle boss hinted that he may be interested in signing the 24-year-old, just as he did while in charge at St Mary's.
"Jason was somebody I scooped from MK Dons for a really good price. He's done extremely well and he's a player I'll keep an eye on," Pardew told The Evening Chronicle.
"Jason's at Blackpool at the moment, and whether there's an opportunity to come here will be determined by what he does at Blackpool."
Puncheon is on loan at Bloomfield Road until the end of the season.
Source: PA
Source: PA