Arsenal won their ninth Premier League game out of 10 in the Monday Night Football, seeing off Hull City 3-1 at the KC Stadium.
And Carragher, speaking on MNF, says there may be a slight gap emerging between Chelsea, Man City and Arsenal over the likes of Manchester United and Liverpool.
Carragher said: “We say the same thing, they are close. Last year they got into the top four very late.
“This is different.
“What we’ve seen of Arsenal of late is that they are with the three best teams now, and then there’s a little level to Manchester United and Liverpool just behind.
“I think they’ve joined those top two sides that we think every season are going to go for the title. They’re so close.”
Arsenal have finished fourth in six of the last nine Premier League campaigns, and are currently in a battle for second place with Manchester City. They also contest the FA Cup final later this month, where they are odds on to beat Aston Villa at Wembley.
Although they have vastly improved since some inconsistent form earlier in the season, Carragher insists that Wenger’s insistence to opt for value in the transfer market has sometimes held them back in their challenge for silverware.
Carragher says Wenger’s ideals are admirable, but have sometimes held the club back
“He doesn’t need numbers, you look at the squad and the bench, they’ve got it in terms of numbers, and quality throughout.
“The thing with Arsene Wenger is I feel he always wants value in the market, and he always wants to wait, he’s patient.
“Rather than what [Jose] Mourinho did, he got [Diego] Costa he got [Cesc] Fabregas. Maybe at other clubs managers feel that pressure a bit more, but Wenger has been at the club for that long he knows he’s safe in the job.
“If he can’t find a certain type of goalkeeper for a specific price, or maybe a centre back or central midfielder, I don’t think he’ll get them, whereas other clubs will say “you know what, I’m going to pay the extra, I’m going to get them no matter what.”
“He spends the money like its his own, that’s the way he runs the club, you can admire that in some sense.
“But I think maybe that sometimes holds them back.”