Yedlin has been on loan at Sunderland all season, and he has thrived under the guidance of Allardyce.
The USA international has forced his way into the Black Cats’ team, and impressed with his displays at right-back.
Yedlin has now returned to Spurs, following the expiration of his loan, and his future remains up in the air.
When asked whether Sunderland would look to sign Yedlin on a permanent deal, Allardyce said: “We will wait and see.
“Everything will be hopefully sorted out and we can start the process as quick as we possibly can.
“For now, we’ll have a couple of days off to reflect and then we look at what the situation is.”
Yedlin’s performances helped Sunderland avoid the drop in the Premier League this season.
The 22-year-old looked robust at the back and proved a threat going forward in the final few weeks of the campaign.
Yedlin made 23 Premier League appearances for Sunderland in total, and his loan spell should have aided his development.
If Yedlin does stay with Tottenham, he will have to compete for a place with Kyle Walker and Kieran Trippier for a place in Mauricio Pochettino’s starting line-up.