The Magpies have turned down a £3m bid for their captain.
Newcastle want the £4m they paid for him in January 2009, but a sale would have the Newcastle fans rekindle the anti-Ashley feeling that gripped Tyneside when Kevin Keegan was pushed out of the club.
Allardyce is also understood to have an interest in Joey Barton too.
Nolan recently rejected a new deal with the Magpies, because the club want to part with Barton.
Nolan will turn 29 this month and Ashley is unwilling to have players in the 30 plus bracket on long contracts.
A 'THANK YOU' TO FOOTYMAD READERS ...
'MAGPIES IN EUROPE'
FOR £5.99 (inc post)
2010/11 has been NewcastleUtd-Mad's greatest season for page 'hits', and as a thank you to all readers we are giving you the chance (FOR TWO WEEKS ONLY) to purchase "MAGPIES IN EUROPE" for £5.99 (and that includes the postage).
*Normal price is £9.99
OFFER ENDS JUNE 10th 2011
Although "Magpies In Europe" will not be launched OFFICIALLY until next season ... if you want a copy it is available NOW from this website ... and ONLY from this website!
FOREWORD BY FAIRS CUP HERO JOHN McNAMEE
Sports Journalist Richie Everson: "At last a book that the fabulous Newcastle United fans can relate to. It's informative, all the facts and figures are there, plus the 120 match reports from all the fixtures ... but it is the articles by the supporters that amazed me.
"I went to many of those games, and this is the only book I can honestly say 'hits the nail on the head'!
"Yes we know the results and the scorers, but some of the facts in this book had me so wrapped up in it I couldn't put it down.
"Was Benny Arentoft cup-tied when he played in the final? Big Wyn and his battle with John McGrath; McFaul scoring a penalty when the crowd had gone home; the trouble in Palermo; it is all amazing stuff.
"I would honestly give this book 10 out of 10."
MAGPIES IN EUROPE
From Antwerp to Zurich
Please include your address in a letter and send a cheque (or postal order) for £5.99 payable to Mr K Fletcher, to:
'MAGPIES IN EUROPE', K Fletcher, 5 Dunelm, Sacriston, Co Durham DH7 6NU.
Or contact: Kevnumad@fsmail.net