The two Everton men have been in fine form so far this season, helping the Toffees move into fifth place in the table.
And Carragher believes that Stones and Coleman now rank as some of the finest players in England's top-flight.
"John Stones is one of the outstanding centre-backs in the Premier League at the moment, just on his form this season, never mind what he has done before," he said.
"And I think in Seamus Coleman they have got one of the top right-backs as well. Everyone knows what he does - he gets up and down the pitch, he gives you everything, fantastic energy."
Everton take on Liverpool this weekend, and it may be that their Merseyside neighbours look upon their defensive options with envious eyes.
Liverpool have failed to keep a clean sheet in any of their last seven matches, with the Reds' defence looking shaky throughout.
Everton, though, have been fairly solid throughout the campaign so far, with Stones and Coleman deserving the credit they are receiving.
The duo have developed from promising youngsters into first-team stars, but there are concerns over both regarding their fitness ahead of the Merseyside derby.
According to the Liverpool Echo, Coleman and Stones will both face late fitness tests, and Everton will be hoping that they are able to come through them.