Striker Matt Jansen and goalkeeper Ali Al Habsi have joined the ranks already this month, but Allardyce remains down on numbers with four players away on duty in the African Nations Cup.
"We are trying to get a player of the right quality to play now until the end of the season," said the Bolton boss.
"If we can't get someone immediately then maybe it will happen later in the month.
"We might have to suffer with a small squad until then and hope the players see us through."
Allardyce admits January is his least favourite month on the football calendar.
He said: "You've got the transfer window and all the games that go with it. You have to deal with it the best you can.
"This time around there is the African Nations Cup as well.
"It is a very poor month to focus on the right things, which is getting your team to play a game, week in, week out."
Meanwhile, former Bolton midfielder Martin Djetou hopes to clinch a contract with Wolfsburg after joining the club on trial.
Wolfsburg general manager Klaus Fuchs told the club's website, "Afterwards, we will decide if the player fulfils our requirements and whether that is enough for us to sign him."