The former Liverpool defender says that adding two players to their existing stars could see Everton become a top team.
The Blues have enjoyed a solid start the season so far, and currently sit seventh in the table, just six points off Arsenal in fourth place.
They put in a highly impressive performance on Saturday afternoon, as they thoroughly beat Aston Villa in a 4-0 win at Goodison Park.
Key to their performances has been the performances of their big stars, John Stones, Ross Barkley and Romelu Lukaku, as well as Gerard Deulofeu putting in a series of top performances.
And Carragher has praised that spine of the team, labelling the decision to keep hold of Stones in the summer as a fantastic one.
“What a great spine they’ve got with young players,” he told Sky Sports.
“John Stones at centre back, it was a fantastic decision to keep him in the summer. Ross Barkley is another young player in the middle of the team, and Lukaku has been outstanding this season.”
The former Liverpool defender has also refused to rule out the Blues as potential challengers for a top four place this season.
This season is certainly shaping up to be the best opportunity to reach the Champions League, with several sides eyeing up the top four this season.
The January transfer window could prove key to a number of side’s hopes of doing that, and Carragher says if Roberto Martinez can add one or two players to that spine, they could be a top team.
“If Everton could keep that spine and add to it, they’ve got the makings of a really top team,” he added.
“If they could add just one or two around them, you certainly wouldn’t write them off for a top four place.”