By Dan King - Newcastle United Digital Editor
The defender suffered a groin injury while on international duty with Argentina earlier in the month and missed last weekend's draw with Liverpool, while he had also been expected to sit out the trip to the Stadium of Light.
But he has made a quicker-than-expected recovery and, although the skipper hasn't trained with the rest of his team-mates this week, he has been outside running.
"Colo's had a really good week," Pardew explained.
"We let him stay out in Argentina for another four or five days to let the injury settle down, and that's been a good decision.
"He worked with the national team there and he's come back in good stead so fingers crossed for him. It would be a great boost if he could come back, if not for this one then for Manchester City or Chelsea would be just as big a boost."
"I will only play him if he's right," the Newcastle boss insisted.
"I can't afford to lose him for any length of time. But if he's right, I have no hesitation in putting him in."
Taylor has also been sidelined of late with a hamstring problem but Pardew hopes to have him available against Sunderland.
"He's okay," Pardew said. "He's trained this week and we're going to see whether he's going to start on Saturday.
"We have Coloccini who's not too far away as well, so it'll be touch and go for both of those guys but we'll have to make the choice tomorrow or Sunday, when we think it's right to make that decision."