Leicester City's win over Manchester City changed his mind however.
Their form had many believing this season would finally be their year, especially given that the likes of Chelsea and Manchester United had fallen away.
Indeed, Carragher admits that he had them pegged as champions as well, before Leicester decided to hammer Manchester City at the Etihad and change his opinion.
“I always thought Arsenal would do it around Christmas and New Year. I changed my mind the day Leicester beat Manchester City,” he told the Daily Mail.
“I thought that was a massive shift not just in terms of points but also because they sent a statement to the rest of the Premier League saying ‘we are here to stay’.”
|They have carried on the run ever since. The others falter and they are five points clear now. I think it's theirs to lose. They could run away with it.”
It will now be intriguing to see if the Foxes do indeed run away with the Premier League title as Carragher predicts they could.
With just nine games to go, it is certainly going to be tight, but their run in could prove the difference for them.
They take on both Newcastle and Sunderland, both of whom are battling relegation, while they would also fancy their chances against the likes of Crystal Palace and Swansea.
Winning those games, or even half of them, could see them pull further away than they are already are and secure the most unlikeliest of league titles.