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Arsenal have already secured their place in the Champions League knockout stage and ensured that they will finish top of Group B following their 6-0 demolition of Lens on Wednesday evening.
The Gunners have not gone beyond the last-16 stage in the Champions League since 2010 where they were knocked out of the competition by Barcelona in the quarter-final.
But Carragher believes Arteta’s side have enough quality to win the tournament this season and feels only City represent a tougher opponent for other sides in the Champions League knockout phase.
‘I think they are contenders,’ Carragher told CBS Sports when asked about Arsenal’s chances.
‘They haven’t got that history that you can look back on in this competition of winning multiple-time European wins like Bayern Munich.
‘I wouldn’t say Bayern Munich are a better team than Arsenal but there’s something about when you see Bayern Munich in Europe you feel like they could do it because they’ve been there before.
‘Arsenal haven’t got that aura but you’ve got to get it sometime.
‘I think the competition right now, there’s only Manchester City who are better than Arsenal in this competition.’
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