Allardyce said: "You cannot help speculation but it is a distraction and you cannot allow it to affect your focus.
"My focus is Bolton. The distraction of the transfer window and the England situation is enough for me without getting distracted by Newcastle.
"What will be will be. The last time around the only time I knew Newcastle were in for me was when the chairman told me.
"If the chairman tells me again, I'll know they're in, and otherwise it's me focusing on Bolton and turning our local rivals over."
He added: "We know if we beat them tomorrow we will go ahead of them in the Premiership and if we want to get a realistic chance to maintain a European spot - or a ghost of a chance to get fourth spot - we have to win this game tomorrow."
Allardyce went on to further complicate the speculation over his future by reiterating his earlier claims during a television interview that he could retire in four years' time.
Allardyce insisted: "I always said I would retire at 55 and that might be the case when it comes round - I've never changed my mind about that.
"It won't be retiring from football entirely but it might be stepping down from management - but while it is getting closer that way is a long way off yet."
He added: "When you get success it breeds speculation and you've got to accept it when it comes along.
"When you're bottom you don't get the publicity and you might get the sack - and that is a bigger distraction than anything else. That is why you have got to put it to one side and get on with your job."