Current player of the year Davies was injured during the recent draw with West Bromwich Albion and Allardyce says that it is important that he strengthens his forward options.
"We are desperately trying to get a new front man in, now that Kevin Davies has suffered his hamstring injury," Allardyce said.
Dinamo Moscow striker Dmitri Bulykin has been lined up for a loan deal but the Wanderers boss admits he has been unable to complete the move right away due to the busy Christmas schedule which has seen teams play five games in just over a fortnight.
"I have had to put the Bulykin move on hold because all my time has been spent preparing for games. But I'm hoping to pick up one or two new faces, who can lift the players."
Liverpool's out of favour defender Stephane Henchoz is the latest face to be linked to the club, although there is said to be strong interest in the Swiss international from a number of British clubs.