The 24-year old striker joined the Hammers on loan from Liverpool at the beginning of the season but once again has failed to fully fire because of various niggling injuries.
Carroll has scored twice in 12 outings for the East London club and Allardyce admits he is not too sure about what the future holds for the former Newcastle United star.
"You always want a top class centre forward," Allardyce told talkSPORT.
"I know he's been short on goals and he's had a disrupted season, but he'll only get better if he's got a settled future, whether that's with us or not [I don't know].
"It would be a long process though. We will have a conversation at the end of the season with Andy and Liverpool. It all depends on how he feels and what he does between now and the end of the season.
"It's also about where Andy thinks his future lies. He hasn't thought about that yet, he just wants to play as much as he can."