West Ham have completed the signing of Wolverhampton Wanderers winger Matt Jarvis in a deal worth up to £10.75m.
The fee was settled between the clubs late on Wednesday night and the 26-year-old England international has now signed a five-year deal.
West Ham will pay £7.5m up front with add-ons taking the deal beyond £10m.
Jarvis said: "I'm delighted to have signed. Hopefully I will add a bit of pace, crossing and deliveries that will provide some assists."
He added: "I'll be playing with some fantastic players and it'll be great to get into training.
"It'll be straight in and hit the ground running. There's no time to think about it: you've got to get on with it. I hope to train with the team today and then travel up to Swansea."
Sunderland were also understood to be interested in Jarvis, but Allardyce had been tracking the winger all summer.
And the former Blackburn and Bolton manager believes it is value for money.
"His stats are extremely good and he delivers in the business end of the field," added Allardyce.
"From an attacking sense he is one of the best final-third crossers.
"When you are trying to create in the Premier League and score goals, he is one of those players who can certainly give defences a really hard time and that is what we are hoping he can do for us."
Jarvis, who has made one international appearance for England, played for Wolves in Tuesday's 3-1 win over Barnsley, after which manager Stale Solbakken said the club would "do the best for Wolverhampton".