He told The Sun: "Life is all about challenges and this is one of the biggest. How often do you get the chance, or the time, to go on an adventure like this?
"We're not doing an Edmund Hillary and Sherpa Tensing and going right to the top, though. We're going to 18,000 feet, which is base camp. I reckon that's far enough when you're not a mountaineer."
Allardyce will be joined by Bolton chairman Phil Gartside and Dr Richard Freeman, whose Drug and Alcohol Awareness Campaign will benefit, along with Cantreat.
So which is the bigger mountain, Everest or trying to persuade the FA he is the right man to take over?
Allardyce added: "Everyone knows I would like the job but if they make a decision that week I might not even get to hear of it.
"I'm not sure mobiles work 3½ miles up in the sky. Maybe the sherpas will be able to relay a message!"