A £2m fee for Faye has been agreed with Bolton and talks with the Senegalese international are at an advanced stage - and a deal is understood to be nearing completion.
The 29-year-old was withdrawn from the Wanderers squad for last night's Premier League fixture at Fulham and is understood to have travelled to the North-East for a medical.
Should the deal progress as expected, Faye will become Allardyce's eighth signing during what has been a frantic summer.