Co-chairman David Gold claims that the club and manager have mutually agreed to hold off talks regarding a new deal until they have ensured their safety in the top flight
Allardyce has led the Hammers to promotion from the Championship and 11th place in the top flight but his current deal is set to expire in the summer.
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Gold claims that he, co-chairman David Sullivan and the 58-year-old boss have mutually agreed to focus on achieving their goals for the season before opening talks.
"As [fellow co-chairman] David Sullivan and I have always maintained, we will sit down and discuss Sam's contract situation once our Premier League status has been confirmed and not before," Gold said in a statement on the club's official website.
"This is purely because the three of us don't want anything to distract attention from our aim of finishing as high up the Premier League table as possible.
"Sam did a fantastic job of gaining promotion from the Championship at the first attempt last season and we are all pleased with how quickly he has got the team to adapt to life back in the Premier League.
"We went into Sunday's game with Aston Villa one place off the top 10 and that is no mean feat for a newly-promoted side."