Allardyce said: "We don't want to lose him, but my chairman assures me Liverpool have not made a bid for him. So we can just hope it's speculation. He was very valuable for us last year and had a great season for us.
"I'd feel let down if he moved to Anfield, but these things happen in football. He's proved everyone wrong since he came back from Euro 2004, but if someone can bid so much money you can't resist it. And life moves on, that's football."