The 66-year-old has been out of work since he left the Toffees around two years ago.
Allarydce, who was recognized as being a master at helping teams avoid relegation from the Premier League, may be losing out on jobs to younger names in the profession.
"It is the longest I have been out of football in my entire life since I left school at 15," Allardyce told The EFL Show on Quest.
"It has been just over two years so I have got itchy feet but saying that I am not actively looking.
"If somebody came along and it was really attractive for me and I felt like I could have a good relationship with the owners and the chief executive and a team that look like they are in the right direction and you could take them somewhere, it would all be about success.
"Success for me could be taking a team out of trouble and building that team and trying to get them promoted so we will have to wait and see.
"I think dreams of a big club in the Premier League would not really be my ambition any more but certainly if the right club came along, it would be nice to get back in.
"I have missed it, I have had a really good break and have really enjoyed it."