The former Newcastle United and West Ham United midfielder has said that his old mentor Allardyce, now in charge of Crystal Palace, "encouraged" him to return to management following his stint at Leyton Orient.
"I am delighted to be offered the job and I am looking forward to a top day on Saturday. We have a squad capable of staying in this league. I am aware of what I am walking into," Nolan told reporters.
"I worked with Sam Allardyce for almost 14 years. If I can emulate his success here it will be absolutely fantastic. If I can take anyone's advice at this time it would be Sam's. He has been in these situations before and had tremendous success. Sam Allardyce encouraged me to come here."
Nolan, who will lead the team against Mansfield Town on Saturday, takes charge of Notts County with the club down in 22nd spot in the League Two table.