Pardew was installed among the favourites to succeed Capello behind clear front-runner
However, having insisted he is not a candidate for the England job and that he wants to stay on Tyneside, Pardew was adopting a measured approach.
He said: "It's nice, it's flattering, but football is a strange game. Your flag goes up the pole and comes down just as quickly, so you mustn't get carried away.
"We are doing a good job at the minute and we are obviously pleased with that."
Pardew, of course, has only been in his post at Newcastle since
However, the progress made on and off the field under his charge has been little short of staggering, and Newcastle head for Tottenham on Saturday evening (Sunday AEDT) sitting in fifth place in the English Premier League table.
In reaffirming is commitment to the club, Pardew admitted he is excited at what might lie ahead.
He said: "I am excited by the fact that we have got a good group of players and we have got good talent in that group.
"We are trying to challenge as best we can in the Premier League, and we are doing a good job at the moment."
Newcastle owner
By coincidence, he touched down as the manager he controversially appointed sought to distance himself from the race to succeed Capello.
Asked about the England job, he said: "Firstly as an Englishman, I am proud to be in that sort of frame, but it's not for me and I will make that quite clear. I am not even in the running as far as I am concerned.
"I am very, very happy here at Newcastle. We are on a little project here that's going really well and I want to see it through.
"The passion and everything about this place is why I want to stay here."
Pardew, who joined the groundswell of support for Redknapp, was also questioned about the implications should the hot-seat at Spurs become available, but was equally unequivocal.
He said: "I am quite happy where I am. I want to stay here and see this job through."
Pardew admitted Saturday's (Sunday AEDT) visit to White Hart Lane might now have added spice, and will certainly be no easier for his side if Redknapp's players and the home side's supporters plead with their manager to stay where he is too.
He said: "It's probably going to make it a little bit more difficult. The place will be buoyant.
"But we can only go and do the best job we can do. We are a strong team and we are in good form, so we have just got to take that to the arena and hopefully cope with all that's going on."
Meanwhile, Pardew confirmed that striker
He said: "I think it will be very doubtful that we see him (again), and that's a shame for us because he has been great."
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