After watching the Reds seal their place in the Champions League semi-finals in a 6-4 aggregate win over Benfica, Carragher laid out his Liverpool dream team.
The CBS Sports panel asked if Jurgen Klopp's side were one of the best in history given the fact there's a quadruple on the cards.
Carragher would go on to claim Trent Alexander-Arnold, Virgil van Dijk and Mohamed Salah are already worthy of being called Liverpool greats.
He toyed with adding another current player into the team to make it four.
The former Liverpool defender was torn between Alisson Becker and Ray Clemence in net, but eventually settled on Clemence.
"Well it would start with the goalkeeper, obviously, and that would be a toss-up between Ray Clemence and maybe the goalkeeper now, Alisson Becker. But it has to be Ray Clemence," Carragher declared.
He'd move on to the defence and explain: "I've gone for Trent Alexander-Arnold, ahead of Phil Neal who won four European Cups but I've gone with that because I think the influence Trent has on this team is greater than Phil Neal.
"Alan Hansen, before Virgil van Dijk came along, was the greatest centre back who played for Liverpool, so he's alongside Virgil van Dijk.
"And the position for Liverpool that is never set in stone, left back. Steve Nicol I've gone for… he was Footballer of the Year, so a special player and I've decided to go with him."
Alexander-Arnold is Liverpool's undisputed number one right-back and likely will be for the rest of his career.
The 23-year-old is as important to their attack as the backline, registering a whopping 18 assists in all competitions this campaign.
Van Dijk arrived from Southampton in a £75 million deal four years ago, a then world record fee for a defender.
There were doubts surrounding the price tag, but van Dijk has gone on to become one of the world's best defenders.
Carragher then made the interesting shout of Salah slotting into midfield.
He said: "In midfield we've got some legendary figures… Mo Salah has got to go in. He is a Liverpool legend, what he's done in this Jurgen Klopp team.
"Steven Gerrard, the greatest player to ever play for Liverpool, in my opinion, goes in."
Salah plays out wide and is shifted into midfield to give room for Kenny Dalglish and Ian Rush up front.
Without any doubt, Carragher then chose Bill Shankly as manager of his ultimate XI.
Featured Image Credit: CBS Sport & Alamy