The 25-year-old, who is out of contract at Bolton, seems destined to join the FA Cup winners, who made a bid for him during the January transfer window.
Allardyce told Newcastle's official website: "It's looking like Tal will be going to Chelsea, unfortunately.
"We have had a long, hard go, but I think the lure of the (former) champions has perhaps just pipped me at the post."
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