The Magpies appear to be a club in turmoil, with owner Mike Ashley looking to sell and very little investment in new players.
Having pulled the Tynesiders out of the mire to enjoy a 10th-place finish last season, Benitez has been tipped for another campaign struggling for top-flight survival, with every possibility that the club might change hands mid-season if a buyer can be found.
It has been suggested that the Spanish tactician has no say on who comes into the club as the board sanction any moves that might be made, but Allardyce, who was in charge at St James' Park between May 2007 and January 2008, does not see it that way and feels the boss is being backed.
"Newcastle are not trying to get rid of Rafa Benitez," he told talkSPORT. "I think what's happened, in my limited understanding, is that Mike Ashley has always said Rafa can have every penny the club generates, and that he can use that in the transfer market how he sees fit.
"So clearly Rafa, for the first time at Newcastle, is in charge of his own recruitment."
And the former England coach sees better times ahead for the long-suffering Toon Army, adding: "I think the season's worth of experience all the players have had, plus the new recruits, means they'll be okay. And that is something the Newcastle fans should look forward to."