James Milner will join on a free transfer on July 1 after his contract expired at Manchester City, while Danny Ings arrives on the same date from Burnley, but there is still a compensation fee to be agreed between the two clubs.
Carragher told the official Liverpool website that Milner is just the type of player the side needs right now, after a difficult season saw Liverpool finish in sixth place and without a trophy.
"You know what he's about in terms of his work ethic and his great stamina," the former defender said.
"Every time we played Manchester City, the fitness coach would come in with the running stats and he would always blow everyone off the chart.
"That's his game, so he'll bring that to the club. He gets goals as well, which is an added bonus.
"He's also an experienced player who has won trophies and that's what we need at this time in the squad."
Milner brings some pedigree to the side, having been part of a squad that almost habitually won trophies over the past four years, and looks as if he would fit perfectly into a Liverpool midfield if they decide to adopt a diamond formation next season.
As for their new forward, Liverpool signed someone that seems to fit a typical Fenway Sports Group strategy of a young player with a lot of potential in the form of Danny Ings, but one that also suits a Brendan Rodgers system of high pressing and energy from the front.
Carragher added: "He did very well at Burnley.
"You could see his hold-up play and his work ethic, and when he got chances he finished more often than not. He had a very good season."
The two signings may not be the big names that a lot of fans will have wanted to see arrive at the club this summer, but they have experience of the league and shouldn't take so much time to settle, and it is expected the club will try to strengthen even further this summer.
After a disappointing season last term, there is a lot of pressure for any new signing that comes in during this transfer window to deliver for the Reds.