The Hammers are in the market for striking reinforcements when the transfer window reopens next month after struggling for goals so far this season.
Martins, who currently plies his trade in America with Major League Soccer side Seattle Sounders, has been mentioned as a possible target to bolster their attacking options.
However Allardyce, who worked with Martins during his time in charge of Newcastle, says he is in the dark over reports linking the Nigerian with a loan move to Upton Park during the MLS off-season
"I haven't heard anything about Oba," said Allardyce. "He's playing in America at the moment.
"Everyone knows if we're in the market for a player, we'll be linked with everybody. We'll deal with that - speculation is speculation."