The Hammers believe the former Blackburn boss is the right man to lead them back to the top flight following relegation from the Premier League last season.
And Allardyce, once considered for the England role while impressing at Bolton, insists he is fully committed to West Ham's cause.
However, the 56-year-old, who started his managerial career as a player-manager with Irish side Limerick nearly 20 years ago, will not give up on his dream.
"Without any dreams or goals I would need to pack in management," Allardyce told The People.
"It was a pretty distant dream that I might one day be considered for the England manager's job when I started out at Limerick, but 15 years later I went very close.
"You have to reset your goals and your dreams and my dream, first and foremost, is to make West Ham as successful as I possibly can.
"Not only by getting them promoted, but by establishing them in the Premier League.
"But if by fulfilling that dream you are brought closer to another one, then obviously that's what you consider. In fact, it's what you do the job for.
"That's not being disloyal to any football club, it's about always having ambition and striving to be better. If you have achieved, the club has achieved.
"You try to leave a club in a better position than when you acquired it and I've always felt that's the one thing I've done. My job now is to re-invent West Ham in terms of stability."