Sheffield Wednesday are unbeaten in their last seven matches in all competitions.
The Owls have the following and facilities to be one of the top clubs in England, but success has been thin on the ground in recent times.
However, Carvalhal believes that Wednesday are on course to bring the good times back to Hillsborough, after his impressive start to life at the Yorkshire club.
“It is a big club, it is a giant that was sleeping in the last 15 years and the big challenge is to try to wake up the giant and I think we are starting to do it,” he said. “It is not something we can do in one or two months but a lot of things have changed since we started – the way we play, the atmosphere with the fans, the enthusiasm around the club."
Carvalhal's first few games at Wednesday were difficult, as he searched for his best team and tried to adapt to English football.
However, the Owls have started to find their feet now and are showing the quality that they possess within their squad.
Wednesday have gone unbeaten through their last seven matches in all competition, and they have moved up to ninth place in the Championship table as a result of their fine form.
The Owls' next fixture comes on Friday night against Rotherham United, and a win in that derby contest will leave them just one point outside of the play-off places.