Sunderland have already been active in the January transfer window.
Sunderland are currently sat in 19th place in the Premier League table, and they are fighting for their survival in the top flight.
Allardyce realises that he needs to bring quality to the Stadium of Light, but he is frustrated that he is having to make amendments to his team in mid-season, as he feels the risk is greater.
"Realistically, I think we're probably looking at another two players coming in," he said to the Daily Star. "Another defender and perhaps an attacking player.
"There's a certain level of quality we need and it has to fit in financially. The biggest problem is that you shouldn't really be doing it in January because the risk is greater.”
Alllardyce took over at Sunderland in October, after Dick Advocate departed the club following their terrible start to the season.
The 61-year-old boss has sparked an improvement in the Black Cats’ form, but they remain four points away from safety.
So far Sunderland have brought in Jan Kirchhoff from Bayern Munich, and Dame N’Doye has arrived from Trabzonspor.