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The club have turned to the famous relegation firefighter and briefly England boss Allardyce with the club in 19th place, having played 13 games and earned seven points.
Allardyce - who's never been relegated from England's top flight - has been given a contract to the end of the season.
The £2 million bonus will come if he can earn enough points in those 25 games to keep the Baggies up, while there's also an option to extend his contract by a further 12 months if both parties agree.
In West Brom's last game, Bilic actually guided his side to a 1-1 draw away at Pep Guardiola's Manchester City. However it seems the decision must have already been made to part ways with the Croatian as he was let go the following day.
The 66-year-old 'Big Sam' was - according to the Daily Mail - all set to go on a family holiday to Dubai before West Brom called. A healthy salary package, plus that £2 million bonus, proving too good an opportunity and challenge to turn down.
Allardyce hasn't had a managerial job since he left Everton in 2018 after a six-month spell. However he's known as a survival specialist after his spells keeping Bolton, Blackburn, West Ham and Sunderland in the Premier League.
West Brom's sporting and technical director Luke Dowling, said: "In Sam we have a man who has a proven Premier League pedigree with a track record of improving every club he has managed.
"We believe and, more importantly Sam believes, we have a group of players that have the quality needed to give the club its best chance of Premier League survival."
Allardyce brings with him a reputation as a results-based manager whose football might not always be the prettiest, but who's an ideal man in a crisis.
Many Baggies fans understandably feel Bilic, who took the club out of the Championship last season, deserved a little more time after the point at City and scoring the club's first league win of the season over Sheffield United at the end of November.
However if 'Sam Allardici' can keep the Baggies in the Premier League this season, West Brom's owners will consider it a £2 million bonus well-spent.
All imagery: PA Images
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