Carroll is back in training after suffering a hamstring injury on his debut and Nolan believes the England striker could form a formidable partnership with Cole, who has not scored since the Championship play-off final in May.
Nolan, 30, said: "It's going to be interesting to see when they're both fit if they play together, because they'll scare the life out of defenders - as long as I'm playing with them, not against them. I'm sure at some point we'll see that.
"Andy's settled in well to what we're about. He seems at ease. You always miss quality players but we have others like Cole, who has come in and done a good job. He's going to be vital for us. Just knowing you've got those two in your ranks is brilliant."