Reports in Italy have suggested the former Chelsea forward, 34, is ready to terminate his contract with Chinese side Shanghai Shenhua after just seven months and return to Europe as soon as possible.
Juventus are also interested in the Champions League-winning striker, who is reportedly asking for 10million euros in wages for an 18-month contract in Italy - four million for the rest of the current season and another six million before June 2014.
Milan, meanwhile, have reached a financial impasse over a potential long-term loan deal for Real Madrid midfielder Kaka, with Manchester City's Mario Balotelli currently out of their price range at a reported fee of 28million euros (£23.5million).
Quoted in the Gazzetta dello Sport, Allegri told Sky Italia: "Champions of his (Drogba) calibre are very welcome. (Vice-president Adriano) Galliani will know if the deal is feasible.
"I'm calm, the club is just thinking about what could help us out and what we could do about it.
"A player like Drogba would certainly improve both the technical level and self-esteem of the team. We'll see what the club are able to do, otherwise we'll carry on as we are, looking to have a good second half of the season because that is our objective.
"It will be difficult, though, because we still have to face some teams with a high level of technical quality."
Milan climbed to sixth place in the Serie A table with Sunday's victory over Bologna, a result that sees the club return to contention for Europe after a disappointing start to the season.
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