Reports earlier this week hinted that Allardyce had made contact with Bolton Wanderers regarding the availability of their captain.
However, Allardyce has revealed that he has no current interest in signing the veteran striker.
"There's nothing in that as far as I'm concerned," said Allardyce.
"I haven't spoken to Owen Coyle. At the moment I don't know anything about that scenario."
Davies worked under Allardyce when the pair were together at Bolton.