Allardyce is desperate to splash the cash on "six to eight" new players.
But apart from securing El-Hadji Diouf on a permanent basis and agreeing a pre-contract deal with Omani keeper Ali Al-Absi, the Bolton boss has been thwarted at every turn.
Asked for "team news" yesterday, `Big Sam' grimaced: "What team?
"It's probably as bad as we've done since we returned to the Premiership.
"There have been consistent knock backs since we thought we were going to get Dietmar Hamann (from Liverpool). We are offering better money than we've ever done, but we can't seem to clinch a deal."
Allardyce's search for a star has been made tougher because of the quality of player he wants to sign.
With a first UEFA Cup campaign to look forward to, Allardyce needs the cream of the crop.
He said: "We're looking at the top end of the market and players are not as desperate as the ones we've targeted before."
Real Madrid legend Luis Figo has been the biggest name linked with Bolton.
Allardyce said: "We touched base on that one, but he has priced himself out of the market as far as we're concerned."
One player Allardyce has persuaded to come in is 21-year-old Zambian striker Collins Mbesuma. The Kaizer Chiefs star is spending a week at the club with a view to a permanent move.
Senegal defender Abdoulaye Diagne-Faye, who spent last season with French club Istres, is also on trial - but would need a work permit for a full-time move.
Meanwhile Bolton will play City in the FA Premier League Asia Trophy in Bangkok on July 20. Wanderers expect to bank £1 million from their Far Eastern trip, which includes matches in Japan. Tweet

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Wanderers will finish second place...on July 20th. Goals from Fowler and Bradley Wright-Phillips will be the difference, apart from City's stubborn defense.
City will finish 2nd in may 2006, thats 2nd from bottom of the prem. Big Sam should be knighted for services to football, and being the best manager in the world.
How many premiership points do you get from a friendly? . I thought it was about making a few bob , and the players gaining fitness for the season ahead. This is the time to loose a couple of games and work on the bad points. It sounds like its Citys cup final.