West Ham United are expected to be active in the summer transfer window.
Allardyce still does not know if he will be in charge at the Boleyn Ground next year, with his contract expiring at the end of the season, but that has not stopped him from making plans.
The experienced boss has already identified a number of areas in his squad that he would like to improve and has held discussions with the club's head of recruitment, Martin Glover, about who they would like to bring in.
"Yes we’ve been doing all that [looking at transfer targets]. We’re looking at preseason and Martin Glover, our head of recruitment, is putting a list of potential players," he said. "We need to sort out what’s happening with me, then we’ll look at the situation of our current players and then any transfers."
West Ham have the core of a good squad to build around and if Allardyce is given the chance to stay on, he will feel confident of guiding them forward next term.
West Ham started the 2014/15 campaign in fine form, but they have struggled more recently, as injuries have mounted up, and have won just two of their last 16 Premier League matches.
It is a sorry record that has created a lot of frustration around the club and unless Allardyce can get them back on track before the end of the campaign, he may have to head out of the exit door this summer and leave recruitment to someone else.