Allardyce is hoping to achieve a personal record by signing a new deal that takes him to 2016.
As he said: "That means it will be me serving at a football club for the second longest time I've ever been.
"It will probably be close to five years and for a manager that is a long time these days.
"If I can continue to grow the club on the field then that helps everybody to start moving towards moving into the Olympic Stadium.
"And there's one thing for sure - if it's me that walks out at the Olympic Stadium with the team it will have to be the best team that I've had since I've been here."