Striker Carroll, 25, made his loan to the Hammers from Liverpool permanent in the summer but has not played since because of a foot injury.
"Andy is training today [Tuesday] and hopefully we'll see him on the bench in the next week or so," said Allardyce.
Carroll's return will be a boost for Allardyce, whose side are second from bottom of the Premier League.
West Ham 'right to back Allardyce'
The England international scored seven goals in 24 games for the Upton Park club while on loan last season.
He is unlikely to figure in West Ham's trip to Manchester City for the first leg of their Capital One Cup semi-final on Wednesday, but could be in the squad for the club's key league game at fellow strugglers Cardiff on Saturday.
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