The 46-year-old, who has only been at Meadow Lane for six months, has ruled himself out of the running despite being installed as one of the favourites.
"I'm staying here. There ain't no chance, absolutely no chance, of me leaving to go over the river," he told the Nottingham Post.
Allen pledged his support to former England boss McClaren, adding: "He worked wonders at Middlesbrough, taking them to European and League Cup finals, he was first-team coach at Manchester United, manager of England, he won a championship with FC Twente in Holland and yet of all a sudden he is a bad manager.
"I don't think so, it doesn't work like that. He will be back and he will do a good job somewhere, without a shadow of a doubt."