Newcastle have had an offer of around £7million for Yanga-Mbiwa accepted, but should Arsenal also bid for the defender, the St James' Park club could see one of their targets poached by a Premier League rival for the second time in this window.
Managing Director Derek Llambias is still smarting after QPR made a last-hour move for striker Loic Remy, matching Newcastle's offer to Marseille, before persuading the France international to move to Loftus Road by paying him double what he would have earned in the North-East.
It is understood Newcastle still expect Yanga-Mbiwa to arrive on Tyneside, with the club blaming the weather for the delay.
Arsenal have been in contact with Montpellier after news of Newcastle's bid was leaked in France to ask about the size of their offer, but they have not made a formal bid.
Whether Yanga-Mbiwa has decided to wait to see if an offer comes from the north London club remains to be seen, although that might explain the delay in his travel to the north east.
Newcastle are working hard to bring Toulouse midfielder Moussa Sissoko to Tyneside. The 22-year-old has less than six months remaining on his contract and Newcastle were going to wait until the summer to sign him as a free agent, but Saturday's home defeat to Reading, which leaves them just one place above the drop zone, means they could attempt to bring him in earlier than planned.
Newcastle have also had a bid of €750,000 rejected by Bordeaux for striker Yoan Gouffran. The Ligue 1 side want around £1m for the forward, who is out of contract at the end of the season and Newcastle will decide in the next 48 hours whether to raise the bid.
Pardew is keen on beating local rivals Sunderland to sign Danny Graham from Swansea.