The Reds have been linked with a move for the 25-year-old, who is thought to want to test himself at a big club after an impressive season in the Premier League.
Pardew hopes to keep hold of Bolasie and previously hinted that he wouldn't let the player leave for less than £40million.
But he now claims Liverpool would be making a mistake by trying to take the player to Anfield this summer.
This season I think it would probably be a mistake for a top club to get him.
Alan Pardew
He said: "I don't think there's many players who get clapped off at Anfield for a performance where he disrupted a team as good as them.
"[But] he needs to find the end product. He'll work on that hard next year.
"We might have more of a problem at the end of next year if he starts really banging the net. That's really been the thorn in his side, actual goals.
"This season I think it would probably be a mistake for a top club to get him. I don't think he's ready.
"He will be maybe in a year or so, when he's got that final hurdle. Then there'll hopefully be no stopping him.
"He's a fantastic boy, a fantastic talent, I love him to bits. I call him my magic man and hopefully he can give us a bit of magic on Sunday [against Swansea City]."
Asked whether Bolasie should learn from Wilfried Zaha, who struggled at Manchester United after leaving Selhurst Park, Pardew replied: "Wilf's ambition should be to go back to a big club; he just went too early."