England striker Carroll has not featured for West Ham since he became the club's record signing in the summer, with a troublesome heel injury keeping him on the sidelines.
Allardyce's side have struggled in his absence, winning just three games and - following Tuesday night's 1-0 defeat at Crystal Palace - they now sit only three points clear of 18th-placed Fulham.
Carroll, 24, returned to training at West Ham's Chadwell Heath training ground on Thursday after a prolonged period of treatment in Belgium and Holland.
But Allardyce is willing to play the waiting game with his star forward, meaning Carroll will not be in contention for a place in the West Ham squad that travels to face his former side Liverpool on Saturday.
"We will get him back as quick as we possibly can, but my position is to take a sensible view," said Allardyce.
"We are in a difficult position at the minute but I can't panic into putting Andy in too quickly. It is my responsibility to make sure he is there to stay when he comes back onto the field, and not just one or two games.
"In the position we're in at the moment it is extremely tough to resist putting him in. I'd like to put him on the bench at Liverpool, but that would be rather stupid."
Carroll enjoyed a relatively successful season on loan at Upton Park last year before co-chairmen David Sullivan and David Gold worked out a package to bring the striker to the club on a permanent basis.
Along with Stewart Downing, also recruited from Anfield, Carroll was the big hope for West Ham as they looked to build on an impressive 10th-placed finish on their return to the top flight.
But without Carroll, Allardyce has resorted to playing a striker-less formation in recent games, only reverting back to playing Modibo Maiga as his lone forward in last weekend's much-needed 3-0 win over Fulham.
Carlton Cole was also brought back after being allowed to leave during the summer whilst former Cottagers' striker Mladen Petric was signed on a free transfer - but hopes will now be pinned on Carroll returning and helping to fire West Ham up the table.
Allardyce admits Carroll will be champing at the bit to be involved as soon as possible but it is something the manager refused to risk.
He said: "Andy will want to play quicker than he should and I'll have to calm him down until the specialist says it's time for him to get in and amongst it again. Hopefully he'll then have an impact when he returns.
"I'd love to have him available and would love to have had him available over the last few weeks, but the rest of the team need to maintain their confidence and do a bit more of what they did against Fulham."
Saturday's opponents Liverpool go in to the match on the back of a 5-1 home victory over Norwich in which Luis Suarez once again grabbed the headlines.
The Uruguay international was signed in the same transfer window as Carroll but has enjoyed a much better spell at Anfield than his English counterpart.
Suarez struck four of the goals in the rout and Allardyce knows he can cause trouble for his defence once more this weekend.
"Obviously Luis Suarez is the man," Allardyce added.
"Certainly if you can't control Luis Suarez, on what you saw the other night against Norwich, it's certainly going to be one where he is rattling the goals in.
"When you consider he has been suspended before he started playing again, to be top scorer in the Barclays Premier League shows he is the main man at Liverpool at the moment.
"When you go there on the back of the four goals he scored in a 5-1 win, it makes life even more difficult, but we have to take up the challenge to try to nullify his great talent."
West Ham picked up a point at Anfield last season with a 0-0 draw in April and Allardyce believes starving Suarez of service is crucial if such a result is to be repeated.
"As a team, we need to work on closing the opposition down and stopping their really good passers from providing the service that he needs," he said.
"Of course, when we are in possession, we can't give the ball away too easily because Luis Suarez can't play if we've got possession. We have to do as much as we can when we've got the ball."