Woltemade, whose £69m arrival made him the club's most expensive signing, is understood to have already reached personal terms with Juventus over a switch to Turin.
But Newcastle United have made clear that exit hinges entirely on landing his replacement first: negotiations with Lille over Fernandez-Pardo, valued at roughly £60m, remain some distance apart on structure, even if optimism has grown since the French club moved to cover their own bases by signing Japan international Ayase Ueda from Feyenoord.
Newcastle officials are on standby to fly the 21-year-old Belgian in for a medical the moment an agreement is reached.
Woltemade, who has struggled to find his best form since arriving from Stuttgart a year ago, would head to Turin on a season-long loan if the move goes through - Juventus made contact on Sunday over the possibility, and the striker has already given his approval.
Napoli are also interested and would rival Juventus for his signature, though there is no suggestion Woltemade is actively pushing for an exit himself.
Manager Matthias Jaissle, meanwhile, is working to keep hold of two other attacking players linked with moves away from St James' Park.
Jacob Murphy has attracted interest from both Nottingham Forest, who have made contact over a possible deal for the 31-year-old winger, and Beşiktaş, while Joe Willock has also been the subject of speculation. Jaissle wants both to stay regardless of how the Woltemade situation resolves.
The saga underlines the pressure facing Newcastle's recruitment team to get the sequencing right before Tuesday's 11pm deadline: any slip in the Fernandez-Pardo negotiation would leave the club committed to keeping a record signing who has not delivered on his price tag, while a swift resolution would free Newcastle to bank a significant fee for Woltemade and bring in a versatile, in-form attacker regarded as one of Ligue 1's more promising young talents this season.