Everton badly need a left-back, as their options in the position are currently short.
Allardyce claimed that there were barely any options for Everton to pick from in January.
He said: “We have looked at many left-backs and obviously we can’t find the right left-back that we’re looking for.
“There’s obviously a great shortage of quality players throughout the world who can play in the Premier League, I don’t have any doubts about that - so to try and find one in this window means that you would be taking a gamble.
“The ones who are available, and there aren’t that many, are mostly what other teams don’t want.”
Porto are said to be willing to offload Alex Telles now, as they need to raise money to fit in with Financial Fair Play regulations.
Telles was linked with Everton back in January, with a £30 million deal suggested to be of interest.
That transfer was not able to be completed at that time, but it may be possible in the summer.
If Porto are willing to sell Telles, then Everton need to be at the front of the queue to buy him.
Everton badly need a new left-back, with their options in the position short currently, and Telles would represent a significant upgrade.
The Brazilian has been one of the stand out full-backs in European football this term, and Telles’ arrival could arguably solve the Toffees’ biggest problem.