Allardyce is desperately searching for new faces to bolster his injury-hit squad as he looks to steer West Ham out of trouble at the wrong end of the table.
Allarydce has admitted he was was considering a move for Vermaelen, but concedes Arsenal are unlikely to let the Belgian leave as the battle for honours on three fronts in the Premier League, Champions League and FA Cup.
"I think under the circumstances at Arsenal with the situation they're in with the Champions League and cup matches, they've had to use him [Vermaelen] as soon as any of the two defenders are injured," noted Allardyce.
"I don't think there's any chance we'll get someone of his quality, but it would be nice if we could.
"I'll keep going and hope we get some [new players].
Allardyce also confirmed Monaco striker Traore will not be making the move to Upton Park despite the Hammers agreeing a deal with Monaco and applying for a work permit for the Ivory Coast forward.
Reports have suggested Everton have hijacked the deal for Traore and Allardyce says there is nothing they can do to stop the Goodison Park outfit signing the player.
When asked after Saturday's defeat to Newcastle if Traore would be signing, he said: "It's unlikely by the sounds of it.
"We're finding it extremely difficult (to bring players in).
"We had a terrible day yesterday (Friday) when I thought a player was signing for us and then I found out he wasn't, but there you go.
[Any other club] can apply for a work permit like we did.
"They would have to do a separate application."