Allardyce told his club's official website: "Borgetti is a player I would like to bring to the Club, but we are still a long way off doing a deal with him.
He added: "We have found with the South American regime that it is very difficult to strike a deal. You get all sorts of mixed messages and soon as there is any interest you are faced with five mandates, four solicitors and a number of agents claiming that they represent the player.
"Trying to do a deal like this is hugely difficult to conclude. We won't have any indication if a deal can be done until the player actually arrives in England. Until then it is well and truly out of our hands."