The former Liverpool player and manager brought Carroll to Anfield for a hefty £35 million during his second spell in charge of the Reds, with the club ending up taking a massive hit on the target man.
Carroll was sold to West Ham after a mixed spell on Merseyside and has since endured a difficult, injury-ravaged time at Upton Park.
Dalglish, however, feels the 25-year-old could be fresher than his rivals heading into the tournament in Brazil.
"I think [Danny] Welbeck will probably still make the plane but there is a possibility that Roy might want to take [Rickie] Lambert and Carroll, not just one of them," Dalglish wrote in his column for the Daily Mirror.
"People have said Big Andy wouldn’t be effective in Brazil but he looked fairly effective at Euro 2012 when he scored that header against Sweden.
"His chances of making the plane will depend on how he progresses from now until the end of the season. He has missed a lot of playing time this season through injury and, more recently through suspension.
"But when others players are tiring towards the end of the campaign, that might just work in his favour."
Meanwhile, the Anfield legend also made the case for Southampton left-back Luke Shaw to make Roy Hodgson's England squad, arguing that his young age is no reason to exclude him.
"I wouldn’t make a case for Cole going to the World Cup ahead of Shaw just because Shaw’s 18," Dalglish wrote.
"Just because someone’s older than me, does that make him a better player? Of course not. If Roy Hodgson has decided that Leighton Baines is his first choice, do you get more value out of having Cole or Shaw sitting on the bench?
"Well, the reality is that Cole isn’t going to be at the next World Cup in Russia in four years’ time. Shaw probably will be, though, so there is an argument for giving him a bit of a taste of it in Brazil."
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