England international Jarvis is set to complete his move from Wolves, with the fee reported to be a club record £10.75million, including add-ons.
The 26-year-old is likely to be involved at the weekend against Swansea provided the deal is completed in time and Allardyce did not hold back in his praise of the 26-year-old.
"Certainly from an attacking sense this is one of the best final-third crossers in the Premier League," he said. "His stats are extremely good and he delivers in the business end of the field.
"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."
Last season's facts do seem to back-up Allardyce's claims, as Jarvis attempted the most crosses in the top flight and had the highest cross completion rate.
Those statistics are even more remarkable given the fact the former Gillingham man was playing in a side that finished bottom of the table and Allardyce is hoping Jarvis can contribute even more than an additional attacking threat.
He said: "It's a new dimension for us because this is a player of dribbling skills, pace, trickery, a player that not only provides chances but also relieves pressure on your defence.
"When he takes the ball he will keep hold of it and can take it from one end of the field to the other on his own and then produce a cross.
"And what that does is it stops the constant pressure that might come upon you in the Premier League. If you continue to give the ball away in the mid-term area the pressure comes back on the defence again.
"But if you give it to Matt he might not have anyone to find or pass to, but he will keep it himself.
"He will go up the pitch and take the opposition back into their own box and that's a critical part of being successful in this league, a player of his calibre and capabilities and it's something we don't have at this moment in time."
With the transfer window closing next week it is unlikely West Ham will bring in any more fresh faces, but Allardyce did suggest he would still like to add Liverpool and England striker Carroll to his front-line given half a chance.
The Hammers agreed a loan fee with Liverpool earlier in the month with a view to a permanent deal, but the 23-year-old did not want to move to Upton Park.
Allardyce, though, remains hopeful.
He said: "Many things in the final week of the transfer window emerge and should it be the case that we would be able to do something then I think it would probably only be a loan.
"We would see if we could pursue it and clinch it, but if we only finish with Matt and nobody else I would be happy with the squad I've got.
"While it is not quite as big as I'd like it to be, I think it has got a lot of quality.
"My problem is there may not be funds available for Andy now.
"If Andy became available or anybody became available and they wanted to join West Ham I would ask the owners. At the moment that is not the case and we just have to wait and see if and when that situation arises."
The former Newcastle boss added: "If we play Carlton Cole, Nicky Maynard, Ricardo Vaz Te, (Modibo) Maiga - they are all players that play in the front three wide positions.
"What isn't there is a proven Premier League goalscorer, apart from Carlton Cole who can get 10 or 11 goals a season. Nicky, Ricardo and Maiga are not proven so you hope it will be all right, but you cannot tell until you get eight or 10 games in."
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
The new PUMA evoSPEED 1.2 FG. A great new soccer cleat with classic look and first time for PUMA to be on the cleat.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.