"I'd like to think Ivan could get back to the level he was at when he played in that key position we always called the 'Campo Role'," Allardyce said.
"He's been fit for a while and would have been involved more, but for his own stupidity in getting himself sent off in a reserve fixture.
"That was childish, but he's served the suspension now and, if he can get up and at 'em again, he could secure himself a contract with us."
Now in the final six months of his current deal, Campo is free to pledge himself to another club at the end of the season by signing a pre-contract agreement.
"Even if someone did 'pre-contract' him, he wouldn't be leaving here until the end of the season," the manager said.
Meanwhile, Steve McClaren will make Bolton goalkeeper Jussi Jaaskelainen his number one target if unsettled Australian Mark Schwarzer completes a move to Portsmouth later this week.
With Jaaskelainen currently refusing to sign the three-year contract extension he agreed in the summer, Bolton's longest-serving player has shot to the top of McClaren's wanted list.