Speaking at the annual lecture of the Wine & Spirit Education Trust, Walsh said: “If certain brands become available we would be a well-financed player to either help the consortium or help Pernod up their bid.”
Allied is currently weighing up two bids from Pernod Ricard and a consortium led by Constellation Brands.
Last month Allied sent a letter to its shareholders recommending them to accept Pernod Ricard’s offer.
Constellation Brands has been given until June 29 to confirm whether or not it will make a firm offer for Allied.
Walsh refused to say which brands Diageo would be interested in, although investors suggest that the premium bourbon Maker’s Mark could be a target.