The Black Cats Boss is rumoured to have identified Roma forward Seydou Doumbia and Inter Milan youngster Rey Manaj as possible options.
Doumbia is a well known name is Europe having joined Russian club CSKA Moscow on loan this season netting eleven times in the process.
The Ivorian striker is unsettled in the Italian capital after finding first team opportunities limited, and is looking to move despite the appointment of a new manager.
Manaj, who recently made his debut for the Albanian national team, is highly rated by parent club Inter Milan.
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But, the Italian giants are open to the idea of him leaving on loan in the hope he can gain first team experience.
This follows news that Sunderland have reached a impasse with Swansea over Andre Ayew, as the Welsh club appear unwilling to entertain the idea of the Ghanaian forward leaving, especially to a relegation rival.
Allardyce has already moved for an attacker in the shape of Dame N’Doye earlier this week, but is understood to still be scouring the market for targets to improve his side.