"He is free to join us and we would like to bring him in should the financial situation stacks up.
"I am hopeful of concluding arrangements in the next day or so. There's still a number of issues to overcome but if everything goes to plan he should be in a position to sign for us.
"He has all right attributes to make it a success in the Premiership. He has pace and a good work ethic. His fitness is something we'll have to work and should he sign he can play a part between now and the end of the season."
Meanwhile, Allardyce is confident Jussi Jaaskelainen will sign a new deal with the club before the summer transfer window.
The 30-year-old Finnish goalkeeper still has 17 months to run on his current contract but a legal issue has caused talks about a new deal to run on.
Allardyce said: "It is not settled yet but we are still talking and want the matter settled sooner rather than later.
"I am quite confident about the outcome.
"He has always been very comfortable at the club and always enjoyed his football here."
Striker Kevin Davies is calling on the club to sort out the contract wrangle and secure Jaaskelainen's future at the Reebok Stadium.
Widely regarded as one of the top three goalkeepers in the Barclays Premiership, he kept his 15th clean sheet of a remarkable season in the UEFA Cup draw against Marseille in midweek.
Davies said: "Jussi has been brilliant this season and bailed us out a few times.
"He's been so solid and hopefully something can be sorted out and we can get him signed - I don't know what is going on there."