The short-term answer is no way.
Before any diehards get too mad—I'm a huge Newcastle fan, and a big supporter of Allardyce. Long-term, I think he's definitely the man for the job.
Unfortunately, Newcastle don't currently have the squad to challenge for the Premier League title, and Allardyce had a history of playing weakened teams during the Carling and FA Cups at Bolton. Those tournaments are Newcastle's only hope for silverware for a few years yet.
On the plus side, Allardyce has bought in solid defenders and defensive midfielders to strengthen Newcastle at the back. If he puts up a strong side in Carling and FA competition, Newcastle, at their best, could surprise anyone.
I just don't fancy them winning anything this season.