Allardyce revealed that the North East club had made tentative enquiries to bring him to St James Park as their new man in charge before opting for Blackburn Rovers manager Graeme Souness.
The Bolton boss was understandably flattered by the Magpies interest but rejected their overtures in favour of staying at the Reebok Stadium where he believes he can help the Wanderers maximise their potential in the future.
"I don't know whether I've made the right decision,"
"Only time will tell but I believe that this football club in general is moving in the right direction. It hasn't achieved all it can achieve yet and I want to drive it on."
"It was talked about and I pondered it but I never really got offered it,But if I'd pushed it hard or walked out, I might have got it.
"I was hugely flattered. It's great to be associated with such a massive club but the chairman didn't want me to go and I didn't want to walk out, so I made the decision to stay.
"What has happened here over the last five years is what has kept me. Under any other circumstances, I should have gone to Newcastle, but perhaps it was the right club at the wrong time.
"There's too much here to leave. I had a look at it and made the decision."