British media have reported Liverpool want 30 million pounds for the centre back and Eagles chairman Steve Parish has said that he will only agree a deal if it made financial sense.
"For a club like ours, the figures would have to match up to what else we have to try and get and if we have the budget for it," Allardyce told a news conference ahead of Sunday's league trip to Manchester United.
"It depends how much that pot weakens the financial position to strengthen other areas.
Allardyce also said he would expect Wilfried Zaha, the club's player of the season, to raise his game if the winger signs a new long-term deal to stay at Selhurst Park.
Zaha has scored seven goals and provided nine assists this season.
"I think it (contract) is in negotiation, but I don't know how far it's gone and I certainly don't know what the figures are," the former England manager said.
"He (Zaha) loves Palace ... he is flourishing, getting a lot of publicity and, of course, with a bigger contract there is a bigger responsibility.
"So when he gets the bigger contract I will be expecting a lot more than I am already getting which is saying something because I am getting an awful lot now."
(Reporting by Hardik Vyas in Bengaluru; editing by Richard Lough)
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