The Magpies, who sit 16th in the Premier League, are preparing for the Europa League Round of 32 second leg with Ukraine's Metalist Kharkiv tomorrow night and Pardew has the feeling that something special can be accomplished by his newlook squad.
"There's a possibility that this could still be a great season," he said.
"If I look at my best team, I would feel confident putting my best team up against any team left in this competition.
"I've not really had that opportunity. We are a lot stronger now. Therefore if we get through this tie, we have as good a chance as anyone else."
He added: "We have been disrupted this year with a lot of our key players missing.
"But there is a renewed belief in the squad from the introduction of the new players, particularly [Moussa] Sissoko, [Yoan] Gouffran and Mapou [Yanga-Mbiwa], who will play tomorrow.
"Therefore, our season will be determined by two things: firstly, progression in this competition and secondly, our Premier League position, which I think we can improve dramatically - hopefully."