"Yes, there is scope to bring one more into the squad - I did that on purpose as I thought there might be a player we can take who is not under contract, who might just fit what we're doing," Pardew told local media.
"Mathieu is a player I am looking at, yes. He would give us a bit more experience to winning games."
Flamini made over 200 appearances in two spells with the Gunners and won the Serie A title with AC Milan in 2011.
"I like the fact whenever he played, he played in the big, big games at Arsenal when they needed someone to kind of lead the team over the line and get big results," Pardew added.
"His age, 32, in my mind I signed Teddy Sheringham when he was 38, so the age isn't a problem for me. I think his experience is something I am looking at, yes."
Palace, who have one point from their opening three league games this season, visit Middlesbrough on Saturday.
(Reporting by Ian Rodricks in Bengaluru; editing by Ken Ferris)
