The striker missed Sunday's 1-1 draw against Manchester United with an ankle injury, but could return for the trip to St Mary's Stadium, where James Tomkins is set to line up despite breaking his nose at Upton Park.
"Out of the injured players Andy Carroll is the only player who might make it, it's touch and go. We'll see how he is tomorrow," Allardyce said on Tuesday.
"James Tomkins broke his nose on Sunday but he should be available to play."
West Ham are eight points behind Southampton, but Allardyce is confident his side can overcome the odds.
"A win against Southampton would be fantastic, but we're taking each game as it comes," he added. "If we play like we did on Sunday, we'll do well."
Allardyce is still without the likes of Winston Reid and James Collins, both of whom have hamstring injuries.
