The last financial year saw the club's wage bill soar from £5 million to £21 million to keep the debts owed to around £38 million and it is thought that the manager, who has helped build the club's reputation since taking over as boss in October 1999, will have to take a cut in his wage.
The pay cut revelation was revealed as Allardyce's Assistant Phil Brown spoke to BBC GMR earlier today.
"The manager's been told he might have to take a pay cut" Brown revealed
Brown also revealed that the club won't be making any significant signings during the January transfer window but did stress that there will still be some activity both incoming and outgoing during the next month.
"If we have to do some wheeling and dealing in the transfer window we will but there won't be any major coups."
"There's an awful lot of financial constraints going on at the club at the moment. "