The Republic of Ireland international suffered a double leg break during the home game against West Bromwich Albion six weeks ago in a freak incident involving Baggies striker, Salomon Rondon.
It was initially feared that McCarthy, who reportedly sustained a compound fracture, could be sidelined for longer than team-mate Seamus Coleman who returned from a cleaner break after 10 months of rehabilitation last month.
Allardyce, however, tells Everton's official website that depending on the advice of the club's medical staff, McCarthy could be back with the first team for pre-season training.
“It is down to the specialist and them saying if and when James can start moving forward,” the manager said. “The specialist will guide us on how far we can go and with a bit of luck we can look forward to James starting the next pre-season with us.
“He has had some time back at home. He will probably rejoin us in the next few days on a regular basis to start getting some mobility into his ankle, particularly because it has been in a set position for such a long time."
Coleman, meanwhile, is working his way back from a thigh injury picked up in the first half of the recent home win over Crystal Palace.
The fullback completed the full 90 minutes of his comeback game against Leicester, missed the next match at Arsenal through illness and then had to be withdrawn at half time against the Eagles. It remains to be seen whether he is fit enough to face Burnley this weekend when, weather permitting, the Blues travel to Turf Moor.