West Ham manager
Nolan, who is expected to be rested for the club's League Cup clash at home to Wigan, struck a late equaliser for the Hammers on Saturday as they salvaged a 1-1 draw against Sunderland.
The 30-year-old played under Allardyce at Bolton and has been one of West Ham's best performers since its return to the top flight which has seen the east London club take eight points from their opening five games.
Former Newcastle boss Allardyce believes Nolan's record speaks for itself and also acknowledged the efforts of the club's co-chairmen
"No one should underestimate Nolan," he said. "Look at his CV. Premier League, Premier League, Premier League - 10 goals, nine goals, 11 goals, nine goals etc. "I hope they (other clubs) underestimate him for the rest of the season and he will end up the joint top scorer like at Newcastle.
"He was great value for money in the Premier League but very expensive in the Championship - so give credit to
Allardyce also believes the club has done well to sign the majority of its players for little to no money."Most of our players are not very expensive in the Premier League," he said.
"We spent our money wisely - with the passion we have and the team spirit, to evolve as a team, hopefully we can continue to grow."
Nolan scored the only goal of the game as West Ham beat Aston Villa on the opening day of the new league season and also opened the scoring in the first minute as West Ham beat Fulham 3-0 before the last international break.
But the skipper is not resting on his laurels and will continue to work hard for the team.
"I've just got to keep doing what I do, working hard to be in the side, keep scoring goals and being committed," he said.
"As soon as I stop doing that I won't be in the starting XI."
Nolan is close friends with Carroll, who was injured on his West Ham debut against Fulham, and although he admitted Carroll's absence is noticeable Nolan has backed fellow forward
"You always miss quality players but we have other quality players like 'Coley' who has come in and done a good, good job," he said. "He was very unlucky not to be on the scoresheet (against Sunderland). He's going to be vital for us."
English Premier League
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