The former England boss, who held the position at St James' Park, from 2007 until 2008, was under consideration to replace Rafael Benitez, who left the club at the end of June.
Newcastle would have to pay over £5 million to land Steve Bruce as their new manager from Sheffield Wednesday, according to a report by the Times.
"Well they should be anxious as he is a Geordie boy and if he gets the chance to go to Newcastle and Sheffield Wednesday don't stop him, I think he will jump at the chance", said Allardyce on talkSPORT (6:25am, Thursday, July 11th).
But with Bruce seemingly set on managing the Magpies, an opportunity he might never get again, Chansiri is at risk of souring his relationship with the popular Sheffield Wednesday boss, should he get him to stay put.
Newcastle hope to iron out the remaining details as quickly as possible and will endeavour to ensure Bruce is able to meet the players for the first time in China next week.
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In some ways, these teams are built in similar fashion, and there is no question that their strengths lie at the top of the order. Despite starting their tournament with the tournament's favourites, the team struggled in the middle of the World Cup.
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However, coach Justin Langer said that not only the new players but all the "22 guys on the park" will be in pressure. ICC Shares Message For Fans Ahead of India vs New Zealand CWC 2019 Semi-Final Encounter on Reserve Day.
"I must say that I have had more meetings with the chairman, president and general manager this week than I had in three years at Newcastle".
It is reported in The Star that the Newcastle born manager (58), will be offered a Premier League salary along with a £60m war-chest in order to try and build a squad capable of being competitive in The Premier League next season.
"It wasn't something I thought about for too long".
"I never got to talk to Mike", added Allardyce, whose last managerial post in the Premier League was at Everton. "We're in pre-season now and they're back in training".
But the 58-year-old wants the job and feels he can not resist the lure of the challenge on Tyneside.