Carroll had two assault charges against him, one of which was later dropped, and had to move in with Nolan as part of his bail conditions.
The 30-year-old, who was captain of Newcastle at the time, was happy to help.
"Did I save him? You can write that if you want," said Nolan. "When something happens at Newcastle it gets exploded ten times, with Andy it was magnified a thousand times.
"A friend rang me and said he [Carroll] needed a place to stay. I cleared it with the missus and we were like roommates.
"I was probably the only one stupid enough to let him stay."
Nolan does admit that Carroll has matured since his time in the North East.
He continued: "He's a different lad to the one I first met at Newcastle. He was just 19 then but now there is a man who can look after himself and does the right things."
Carroll and Nolan will travel with the rest of the West Ham United team to face Newcastle at St James' Park this afternoon.