Allardyce compared the promising defender to Jack Wilshire with both players proving they are ready to mix it with the big boys.
And Jones is versatile, he has been playing in midfield for Rovers, even though his main position is centre back, and he has done a cracking job.
Allardyce said: "You are never too young if you are good enough.
"It's a balancing act of when is the right time and when it's beneficial for him to step up.
"At the moment only Fabio Capello and his team can make that judgement by watching him in the Premier League - which is in midfield for us where he has been outstanding this year - and for the Under-21s where he plays at centre-half.
"We all, myself included, think that central defence will be his natural position in the end.
"But when an 18-year-old can step up into the ferociousness of the midfield in the Premier League - which is more ferocious than in defence as everything is happening all around you - and can compete at that level it shows you the talent of this young man.
"If you look at all the players of Phil's age there's only him, young Jack Wilshere at Arsenal, and perhaps Jack Rodwell at Everton if he wasn't injured, who play on a regular basis.
"Whether it's right to take it a little bit further is for them [Capello] to decide."