"We've got more money to spend than we've ever had before," he said, confirming that he still has a large slice of his double-figure transfer kitty set aside for a goal scorer.
"But, if I spend that money and the player isn't better than what I've already got, then somebody's going to turn round and say Sam Allardyce is no good with money'.
"And the last thing I want is that label being tagged on me.
"I want to make sure the lad I get, when I do spend the money, will be good enough. But it is extremely difficult not just for me but for everybody in the Premiership because the prices are increasing."
Meanwhile, Bolton boss Sam Allardyce is reportedly chasing Real Madrid defender Jonathan Woodgate.
The People says Allardyce is already in advanced negotiations for the England international, whose move to Madrid has been a nightmare due to injury.