The Hammers were one of the clubs in favour of the proposals agreed on Thursday, whereby clubs will not be permitted to rack up losses of more than £105million over three years.
Top-flight clubs will also face limits on the amount by which they can increase their total player wage bills, but Allardyce believes the new system may leave to an exodus of star players.
He told The Times: "If other countries take up the same process that we do, then it won't be a problem. But if that process is left for three or four seasons, then I fear it might be a problem for us in the Premier League.
"Players today will travel anywhere. If it's not the same financial restrictions somewhere else and money is greater somewhere else, then the best players will move to foreign fields.
"We have seen top players moving to Russia and China and that's a concern because that is not about the football there - that is about the money."
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