The Football Association have confirmed that the 27-year-old has been called up to offer manager Fabio Capello an extra option in attack with Newcastle's Carroll and Aston Villa's Agbonlahor both picking up unspecified injuries for their clubs on Saturday.
Cole, who played 19 minutes for West Ham against Blackpool on Saturday, won the last of his seven England caps as a second-half substitute against Egypt in March.
Carroll played the whole of Newcastle's 0-0 draw with Fulham on Saturday and twice came close to making it eight goals for the season, although it is thought he may have suffered a groin injury in the process.
Carroll will be assessed by England's medical staff on Sunday evening, with a groin injury threatening to ruin his chances of making his international debut against France on Wednesday.
The 21-year-old Newcastle striker received his maiden call-up to Fabio Capello's squad on Saturday night, but his involvement with the 24-man party could now be limited to less than a day after the injury he picked up in Saturday's 0-0 draw with Fulham.
His club have confirmed on their official website the player is to report for duty where he will be looked at by the England team doctors.
Agbonlahor started his first game since September 26 against Manchester United on Saturday, having missed the best part of two months following a groin operation.
He picked up a knock against United, though, and was withdrawn after 78 minutes.
The in-form Carroll received his maiden call-up to the senior squad on Saturday night after a run of impressive performances for his club.
The 21-year-old has scored seven goals for Newcastle so far this season - their first back in the Premier League - and has won numerous plaudits for his all-action style of play.
However, with him currently on bail after being charged with assault, his selection had to be approved by Club England managing director Adrian Bevington, with Capello then pledging to do his best to help the player.
"Everybody makes mistakes when they are young," Capello said after picking his squad.
"It is very important for him to be in the seniors because we have a lot of important players, who can stay with him and speak with him about what happens outside the pitch. That is important."
Both the 24-year-old Agbonlahor and Carroll were given spots in a squad already light on forwards.
Wayne Rooney is missing with an ankle injury, as is Jermain Defoe, while Bobby Zamora has a broken leg.
Bolton's Kevin Davies was given his debut at the age off 33 in last month's Euro 2012 qualifier with Montenegro but has been left out despite continuing his impressive form for Bolton, with Capello opting to select Cardiff's Jay Bothroyd instead.
Tottenham's Peter Crouch, who scored his first league goal since May against Blackburn on Saturrday, is the other striker in the squad.
Cole's only goal this season came in the 2-1 home defeat by Newcastle on October 23, a match in which Carroll netted the winner.