According to the Newcastle Chronicle, Pardew's side are on the verge of signing the Argentine striker for the season, with a view to a permanent deal.
Ferreyra will initially set Newcastle United back £1.6 million, while buying the forward outright will cost them a further £6.4 million.
Who, though, will lead the line for Pardew's men this season?
Loic Remy was by far Newcastle's most prolific front man last term but the Frenchman returned to parent club Queens Park Rangers this summer. Newcastle are still tracking the 27-year-old but, if Ferreyra does complete a move to Tyneside, a move for Remy will look even more unlikely.
That would leave the Magpies with their three new forwards - as well as Papiss Cisse as the main candidates to lead the line.
Cisse has failed to live up to the expectations of his first season at Newcastle, netting just twice in 49 shots last campaign. The Senegalese striker is experienced, however, and Pardew is likely to keep some faith in him.
Riviere, meanwhile, can play both out wide and through the middle, with Magpies fans generally being excited by his signing.
First signing of the season Perez is also in contention, having scored 16 goals in the Spanish second division last term, although he is not expected to play such a crucial part in Newcastle's season.
Others, like Siem de Jong, are also capable of playing up front, meaning newest recruit Ferreyra will have plenty of competition for a place in the starting XI.
With six goals in eight appearances in Ukraine last term, the 23-year-old also showed plenty of promise last term. For once, then, Pardew has an abundance of options going forward, meaning the Magpies should not struggle for goals as much during the coming campaign.
Will Ferreyra be a hit at St James' Park?