Allardyce partied until the early hours yesterday - and openly backed Bruce to take over his old job.
Allardyce, 53, joined Bruce and Sheffield United manager Bryan Robson in Manchester following his former team's miserable 6-0 drubbing at Old Trafford.
The trio downed bottles of champagne and lager at the city's Ampersand club with their wives. The managers chatted until the early hours of the morning and openly discussed Bruce taking over the job at St James' Park.
One clubber, who was close to Allardyce, told the Mirror: "You have to say he did not look too sad about losing the job.
"I think he was starting to spend some of his pay-off!
"At one stage, the three managers were all stood at the bar talking as if Bruce was a real candidate for the job.
"Allardyce seemed to think there was a fair chance he would be offered it, and they all spoke about him being unveiled at his hometown club.
"Bruce was just smiling sheepishly about it.
"Bruce has only just arrived at Wigan, so you would think he would be a long shot, but they were not talking that way."