Allardyce's Bolton side were assured of their Premiership safety after Manchester United toppled relegation-threatened Ipswich 1-0 on Saturday.
Now he plans to repay Old Trafford chief Fergie by stunning Arsenal and throwing the title race wide open.
Wanderers boss Allardyce said: "United have done us a favour, so it would be nice to repay them by getting a result against Arsenal.
"But regardless of United's win at Ipswich, it was always our intention to do our best against Arsenal.
"From our point of view, we want to take another scalp to add to our victories against United and Liverpool this season.
"If we can survive in the Premiership and point to wins over United, Liverpool and Arsenal, then it would make a lot of people very happy.
"We have proved this season that results can go against expectations and so have other clubs.
"The team that wins the title this year will be worthy champions - whoever it is."
This is the first time Bolton have survived a season in the top flight since 1979.
Now he plans to repay Old Trafford chief Fergie by stunning Arsenal and throwing the title race wide open.
Wanderers boss Allardyce said: "United have done us a favour, so it would be nice to repay them by getting a result against Arsenal.
"But regardless of United's win at Ipswich, it was always our intention to do our best against Arsenal.
"From our point of view, we want to take another scalp to add to our victories against United and Liverpool this season.
"If we can survive in the Premiership and point to wins over United, Liverpool and Arsenal, then it would make a lot of people very happy.
"We have proved this season that results can go against expectations and so have other clubs.
"The team that wins the title this year will be worthy champions - whoever it is."
This is the first time Bolton have survived a season in the top flight since 1979.