As part of the agreement, the same report claims that the ex-England boss is blocked from managing another club unless a compensation fee is handed over.
At the time of quitting Selhurst Park, Allardyce insisted it was because he needed a break from management, but he could now be set for a sensational return to club football.
The former Porto and Valencia boss has enjoyed a stunning start to his tenure at Molineux and guided them to a 2-0 victory over Norwich on Tuesday night. He also feels that he is not yet done following his short-lived tenure as England manager a year ago.
But he could now make the jump to the Premier League, with 18th-place Everton looking for a new manager to spearhead their climb up the table.
HP Flat Following Purchase of Samsung
In May this year, the Competition Commission of India (CCI) approved the acquisition of Samsung's printer business by HP Inc .
But following Koeman's departure, Allardyce admitted that he would be interested in talking to the club.
The Toffees, who are in the relegation zone, sacked Ronald Koeman a week ago, with caretaker boss David Unsworth losing his first two games in charge.
"Big Sam" has a history of saving teams from the drop, as he had done with most recently with Crystal Palace towards the end of last season. "I'd have to consider that, if that phone call happens".
'Joe (Royle) sat upstairs will have an opinion but at the moment it looks like it's really going to be tough for Everton to get out of that position'.
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