The Rangers assistant admits he is "a little bit" disappointed in his former side Liverpool, who are among the 12 clubs involved, and reckons the plans would be a massive flop.
He said: "As much as this has been touted around for a long time, I think if it did happen these glamour ties would happen too often and the glamour and the pizzazz would disappear quite quickly. I'm just not a fan of it.
"It's been touted for quite a few years now and it's now got to the most serious point ever. But I've just never thought it would work.
"Repeating these games would take away the whole prestige of the game.
"The thing that I would say is that instantly I'm against it.
"My support would be with the 14 other clubs in the Premier League and I'd also go with UEFA s stance on it too."
Joining Liverpool in the breakaway plans are Manchester United, Arsenal, Tottenham, Chelsea and Manchester City, plus Real Madrid, Atletico Madrid, Barcelona, AC Milan, Inter and Juventus.
UEFA president Aleksander Ceferin has warned the clubs that they could be banned ‘as soon as possible’ from UEFA competitions, and that their players may also be prevented from representing their country in international tournaments, while the SPFL has also slated the proposals.
McAllister revealed his is not against change but insisted fans must be at the forefront of any plans.
“We are proud to be champions of Scotland and we want to go and perform in Europe,” he said.
"I'm a traditionalist when it comes to football. There should always be a connection from the top to the manager, players and most importantly the fans.
"I do like change if it is progressive and works. It is a game played by elite athletes but it belongs to the fans."
McAllister also revealed Rangers have no fresh injuries worries ahead of facing St Johnstone in the Premiership in Perth on Wednesday night. The sides meet again at Ibrox on Sunday in the Scottish Cup quarter-finals.
"We will be strong for both games, we want to keep the league run going and to continue in the cup,” he said.
“We are playing a highly organised team and expecting a real tight game. We will go to attack and aim to win the match.”