There have been strong rumours in Bolton that the 37-year-old midfielder could be a major part of Big Sam's backroom team.
Speed Set For Toon Return?
Speed spent the seasons working under the former Bolton boss at the Reebok Stadium and is said to be interested in rejoining the club that gave him his big break following a horror season at Goodison Park.
Speed was taken to St James' by Kenny Dalglish when he completed a £5.5million move from Everton in February 1998. He made 285 appearances for the club and scored 40 goals before Allardyce snapped him up for a bargain £750,000 in July 2004.
Speed: "This is a brilliant move by Newcastle United, appointing Sam Allardyce as their new manager. It is great for my old club and I have no doubt there are exciting times ahead for them.
"Sam will whip Newcastle into a decent side - and mark my words, it will not be too long before Newcastle are challenging again for a Champions League spot.
"Sam Allardyce meant a lot to a lot of people at Bolton Wanderers, no more than me. He is the best coach I have ever worked with. Sam is a great fella, but he has not got where he is today by being a nice guy.
"Yes, he will give his players a right old rocket, but he never holds a grudge.
"Looking at the situation at St James' Park, I would say Sam Allardyce will suit Newcastle United and Newcastle United will suit Sam Allardyce.
"There are exciting times ahead for the Geordies. He will certainly get Newcastle United winning games again, and that's the most important thing."