However, the player has now claimed that Allardyce has gone back on his word and told him he will not be getting a new contract following his poor display in the 4-1 defeat at Old Trafford.
Pedersen is quoted in BT, one of Denmark leading national newspapers, as saying: "He has now gone back on his word and I think that is totally disrespectful and shows a lack of class. I have told Sam Allardyce that in my world a verbal agreement is as binding as a written agreement.
"The manager's answer was that that it's like that everywhere else in English football and that he had a change of mind because I played so poorly in the first-half against Manchester United at Old Trafford last month.
"I think that is a poor excuse and I find it hard to believe that the decision has been based on one half. It is now up to me to try and find another English club."
Meanwhile, Bolton have been linked with summer bids for Hibs midfielder Scott Brown, Getafe striker Dani Guiza and 19-year-old Nigerian born Israeli frontman Toto Tamuz.