According to the English outlets' sources, Everton majority shareholder Farhad Moshiri will meet with Allardyce on Wednesday, where he will inform him that his tenure at the club is over.
The English coach joined in November, when a disastrous start to the season under Ronald Koeman had seen the Merseyside club drop to thirteenth in the table. 'Big Sam' steadied the ship at the club, securing them an eight-placed finish, with the only club out of the traditional 'top six' finishing above them being Burnley.
Despite, this there has been unrest from Everton fans, who are unhappy with Allardyce's famously defensive tactics. The coach has dismissed speculation over his future of late, stating on Monday that he has no interest in the rumours.
"It's my job to turn that around," he said to 'Sky Sports' when asked about the speculation. "My job is to get better results for Everton, get better players, and play better. Then those fans can enjoy their football a little bit more than they are at the moment."
"I've done all that I can, the backroom staff have done all that they can, and the players have done all that they can. In the January window, Farhad [Moshiri] backed us up with two very important signings [Theo Walcott and Cenk Tosun]."
"The season's finished and I'm going to have a meeting with Farhad this week and then I'm going on my holidays."
However, it seems that this meeting will be his last with Moshiri, as it is expected that the Iranian chief will pay out the rest of Allardyce's contract and relieve him of his duties.
The club, who apparently have significant funds at their disposal, as proved by the big-money arrivals of players such as Davy Klaassen and Michael Keane last summer, are reportedly keen on bringing Marco Silva in as their next manager.
Silva was approached by the club earlier in the season while he was in charge of Watford, after Koeman's departure, but the London club called foul on what they saw as an unethical approach for their manager. He has since been fired by Watford for a dip in form, and is out of work currently.