The manager, along with assistant Neil McDonald, was shown the door by Rovers following last month's takeover of the club by Indian company The Venky's Group.
Allardyce, who contended with financial restraints during his two-year stint at the helm at Ewood Park, had managed to guide Blackburn to a current 13th place in the Premier League this season.
And the 56-year-old admits he is still feeling perplexed by his sacking, telling Sky Sports News: "That's the world of football as it is. It hasn't really been explained to me and I'm really confused in my own mind at the moment.
"But the reality will kick in in a couple of days. For now it's just about me thanking everybody at Blackburn Rovers.
"I've had a fantastic two years there. I've really enjoyed my time with everybody and how well we did with the circumstances (under which) I took over and how we've helped the club going forward.
"Unfortunately it is no more. It's up to them now whether they take the club forward. I'm not a part of it and I'm very disappointed about that. But the club did need to be sold."
Blackburn were unable to follow up a 3-0 triumph over Wolves when they travelled to Bolton on Sunday, suffering a 2-1 defeat at the Reebok Stadium.
But Allardyce does not believe Rovers' results this term had any bearing on his sacking, adding: "I don't think so. I think we're on a really good run and we were just a minute or two away from getting a result again."
The manager, who was in charge at Newcastle before taking the Blackburn post in 2008, does not expect to be out of work for long.
He added: "I look forward to working in football again, very shortly I hope."
Next Permanent Blackburn Manager Next Permanent Manager: O'Neill, M. 8/1
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