"Of course, experience of the game at the highest level would help. But it is not essential.
"All that matters is that you are a great manager - if that applies, you are right for the job."
Allardyce, 51, added: "It's the same when people say you should have played international football to have the right credentials to manage a national team.
"Was Sven Goran Eriksson an international footballer? No.
"Were Jose Mourinho or Rafael Benitez? No.
"Nobody seems to question their coaching qualifications.
"Everyone knows I would love to have the opportunity to be interviewed for the England job. If that happens it would be fantastic."
Meanwhile, Bolton striker El Hadji Diouf could make a rapid return from a double hernia operation to play at Newcastle on Saturday.
He was expected to be out of action for at least another fortnight but after having surgery in Germany, the 25-year-old is nearing full fitness again.
"El Hadji is on the mend and it is possible he could play at Newcastle," said Bolton manager Sam Allardyce.
"The surgeon has done the job we expected. It was a tremendous find by our backroom and medical staff.
"Their expertise has helped cut the recovery process by two or three weeks."