Faye, 27, is suffering from tendonitis in his knee while other key players such as Kevin Davies, Nicky Hunt and Joey O'Brien may also miss the opening game.
Allardyce told the club's website: "Hunt and Davies could have an outside chance for Spurs, but it is highly unlikely at this stage.
"It will be the first time in two years that we will go into the opening game of the season without a 100 percent fit squad. Life deals you these blows, but it is how you respond that matters.
"I don't want to risk any player who hasn't fully recovered, so it is unexpected that the injured players will figure."
Meanwhile, Sam Allardyce has dropped all interest in young Real Madrid winger Alex Perez.
Allardyce revealed: "Even though he has been at Real Madrid for the past five years he hasn't reached the standard we are looking for in the Premiership."