The Norway international has found himself on the periphery of the first team following Allardyce's appointment to the Ewood Park hot-seat midway through the last campaign.
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Pedersen has started nine Premier League games this season and is reported to be a transfer target for the Bhoys although the Rovers boss claims there has been no official approach for his 28-year-old wideman.
"I've had no enquiries for my players at this moment," he said. "Someone has whispered in my ear about the first bit of speculation, that Morten is going to Celtic.
"We're going to get the normal chip paper flying around in the next few weeks."
However, Allardyce claims he has no immediate plans to discuss a new contract with Pedersen despite his present deal being set to expire next summer.
He added: "We're not in a contract sort of mood at the moment.
"We've got a massive December coming up and a massive January and the distractions that come our way can destroy what you do on the field of play.
"So I want to keep as far away from that as we possibly can and cover it when we're good and ready and consider it to be the right time."
Source: DSG
