The 29-year old has been made available for transfer at the Estadio Vincente Calderon, being linked with Wanderers on numerous occasions all season and now Allardyce has confirmed the former AC Milan and Deportivo Alaves player is of interest to the Trotters.
Speaking to the clubs official site Big Sam said "We know all about Javi and are showing an interest in him, but it will all come down to reaching an agreement with him and his club".
Moreno has been a target for other Premiership clubs this season including Charlton Athletic and Middlesbrough and Spanish ace Ivan Campo now on Bolton's books says the player would be welcome if he where to move to Lancashire.
"I know they (Bolton) have travelled to Madrid but I don't know what will happen, But, if Javi Moreno comes to Bolton, he'd be welcome." Campo said
Moreno was aware of Bolton's interest but has said he will need some time to think over a move
"I'm flattered that a team is interested in me because it shows that I am not finished. At the moment I am not sure if I want to leave, though, and I'll have to think it over carefully because it is an important and difficult step to make.
The two clubs have been in negotiations and Atletico told me about it yesterday evening, but I haven't spoken directly to Bolton."
Wanderers have also targeted a midfield player and an extra defender to add to the imminent capture of Jamaican goalkeeper Donovan Ricketts who will officially become a Bolton Wanderers player by the end of the week.