And Allardyce has identified the player as being in the same mould as Hierro, another veteran Spanish defender who he signed on a short-term deal when manager at the Reebok Stadium.
"The funds are all gone so we lie with the squad that we've got," Allardyce said.
"But I would like to add Michel Salgado to that - I think that he's an outstanding player of world-class quality.
"I think he will do a Fernando Hierro-type job for me, the same as Fernando did for me at Bolton.
"He (Salgado) came for a test and the test was okay. It just lies with the financial side now which is hopefully going to be okayed by early next week."
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