The Chelsea defender was subsequently banned for four matches by the FA, despite being cleared of the allegation in a London court.
Allardyce did not rule out a return for the former England captain.
"Maybe so. I think it depends on what John said. Maybe if I get the opportunity, I might have to give him a ring," he told British media.
"But until I come to that selection or that process, we'll wait and see.
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"I don't know what the political side of that might mean, if there is a political side. I'll have to have that conversation if I feel that John Terry may be a possibility."
Allardyce said John Stones will benefit from working under manager Pep Guardiola at Manchester City and the defender has a great opportunity to cement his place in England's defence.
"Potential is something that's going to be great in the future. I want it right now and he's (Stones) got a great chance of becoming it right now with working with Manchester City," he added.
Allardyce will name his squad on Sunday for their first World Cup qualifier against Slovakia on Sept. 4.
(Reporting by Nivedita Shankar in Bengaluru; editing by Sudipto Ganguly)
