Ronaldo is looking to win his sixth gong to put him clear of Lionel Messi as the player with the most all-time wins.
And the Juve boss has backed his star player to do exactly that.
“He is doing well and yesterday he trained well,” Allegri said ahead of their home match with SPAL in Serie A on Saturday.
“For what he has done, as I’ve said several times, he would deserve the Ballon d’Or.”
Ronaldo has been in fine form since moving to Juventus in a £100million deal from Real Madrid in the summer.
The 33-year-old has shown no signs of letting up despite entering the twilight of his career and has scored eight goals in Serie A already this season.
However, reports claim he will miss out on the Ballon d’Or – and he might not even be on the final shortlist.
Before the winner is announced in Paris on December 3, the 30-man shortlist will be whittled down to three names.
And it is claimed that Ronaldo’s former Real team-mate Luka Modric will win it, with World Cup winning duo Kylian Mbappe and Raphael Varane in second and third.
That would bring an end to the Ronaldo-Messi dominance. One of them has won every award since 2007.
Fellow players have had their say on who they think should win, with Paris Saint-Germain star Edinson Cavani backing one of France’s World Cup heroes.
“Varane may well be there, Griezmann, Mbappe. I think a Frenchman should win,” Cavani said.
“There are other players who could win it, but it should be a Frenchman, they have won the World Cup.
“Modric has had a great season, but his team-mate Varane won the Champions League and the World Cup.
“Modric was a finalist and had a great campaign, but Varane deserves it more.”
Eden Hazard is also ion the 30-man shortlist but does not expect to be in the running.
The Chelsea star echoed Cavani’s words and thinks the French contingent are more deserving.
“Even though I had a very good year, I have to keep my feet on the ground,” the Belgian said
“I do not deserve the Ballon d’Or. I think there are players who have been better than me. Winning the Ballon d’Or is not a goal for me.
“If I win it one day, great. If I do not, it won’t be a problem.”
“I would have said Luka Modric but he has played a little less well since August and September.
“So, if we take into account the beginning of the season, I would say Kylian Mbappe.”