The 30-year-old has barely played all season and new Hibs manager Shaun Maloney is prepared to let the popular playmaker depart this month in order to further his first-team opportunities elsewhere.
Allan is unlikely to be short of offers with a number of clubs having shown interest in the player in recent times, but where is the likely next destination for the former Celtic man?
Allan spent six months on loan at Dens Park in 2017, where he was a team-mate of current Dundee boss James McPake.
It is no secret that the Premiership basement strugglers are interested in the player as they look to find the creative midfield spark that can help them steer clear of relegation.
With McPake keen, the ball appears firmly in Allan's court on this one.
Allan was on the verge of joining the Buddies in the summer in a deal which also involved Jamie McGrath moving in the opposite direction, but the transfer fell through at the last minute.
St Mirren, despite winning for the first time in 12 matches last week, look better placed than Dundee to stay up, so could be a more attractive proposition for Allan with Jim Goodwin likely to rekindle his interest should McGrath depart.
Saints recently failed in a bid to land Jamie Walker from Hearts, so could they be tempted to move for Allan?
Callum Davidson's side are struggling to unlock defences, as was plainly evidenced in their embarrassing 1-0 defeat to Kelty Hearts in the Scottish Cup.
Allan's eye for a pass could certainly help Saints' goals for column, which is the worst in the division by a considerable distance.
Inverness Caledonian Thistle
The Highlanders are still very much in the Championship title race despite failing to win any of their last five matches.
Allan spent the tail end of last season on loan at the Caledonian Stadium where he held down a regular first team place and performed well.
The prospect of dropping a level to compete for a title rather than joining a club fighting relegation may hold more appeal to him.