The Sunderland manager has also been linked with moves for some of his old players.
The report also states that Allardyce would like to strengthen the heart of his defence, and that rumoured interest in one of the players he managed at West Ham United in James Collins is genuine as the Black Cats boss looks to strengthen their back-line.
With regards to loans, the report states that Allardyce is primarily looking at loan deals. But whether that would be enough reinforcement between now and the end of the season is a different matter entirely, and it certainly does not rule out a permanent move for other players if the club feels they can afford to take a chance on someone given their precarious standing in the Premier League.
Sunderland have given themselves a fighting chance of survival since Allardyce's arrival at the Stadium of Light, having picked up three wins and moved to within two points of safety.
Although loan signings alone will not strengthen the squad, there can be the odd gem found in that particular market, especially if players are unwanted by their parent clubs and impress during their temporary spell.
It certainly would not be a surprise seeing one or two players sign on a permanent basis during January in order to give the side extra options in order to climb up the table and away from relegation trouble.