The Danish striker has only started one Premier League fixture this season, with Demba Ba, Leon Best and Shola Ameobi seemingly ahead of him in the pecking order.
While Pardew has given Lovenkrands his chance in the Carling Cup, the 31-year-old has still asked for permission to speak to other clubs in January.
However, Pardew has quashed talk of the former Rangers striker leaving, claiming he is going nowhere.
Pardew told the Chronicle: "There is no chance of a loan. Peter is a figure we love here.
"He is very important to us."