This disclosure relates generally to storage device, and more particularly to method and system for dynamically allocating front end ports in a storage device. In one embodiment, the method may include determining a need for re-allocating a set of servers being served by a first set of front end ports from among a plurality of front end ports of the storage device, evaluating remaining ports of the plurality of front end ports to identify a second set of front end ports to serve the set of servers, dynamically updating a configuration of each of the plurality of front end ports by emulating virtual worldwide names (vWWNs) of the first set of front end ports onto the second set of front end ports, and serving the set of servers from the second set of front-end ports based on the updated configuration.