Jarvis, who is undergoing a medical at Upton Park today, has been linked with a move away from Wolves all summer.
Allardyce has made it clear that he thinks the winger will bring a lot to his side.
"From my point of view it is a big piece of business. I think a quality young man who has got a lot of qualities that will add to the team we have already got," PA Sport quotes Allardyce as saying.
"When you are trying to create in the Premier League and score goals, he is one of those players who can certainly give defences a really hard time and that is what we are hoping he can do for us."
Jarvis has scored 19 league goals in 164 league appearances for Wolves.