The correct term is ‘all right.’:adverbial, adjectival, & noun phrase - as desired; duly; satisfactorily; certainly, indeed; In good condition; safe and sound; satisfactory, acceptable; An interjection of acquiescence, assent, or acknowledgement; a noun phrase, as in ‘a bit of all right’ - someone or something very pleasing. Although ‘alright’ is often considered wrong, analogous forms such as ‘already’, ‘although’, etc. have long been accepted. Just one more example of the irregular nature of the English language.
‘Tell you, what, Jimmy; that J-Lo’s a bit of all right.’
‘All right, all right! Let’s have a little calm here, please; it’s only a small fire, not a conflagration about to consume you all.’