The Uruguayan star has netted on four occasions so far this term and although he has not hit the target as much as the likes of Wayne Rooney and Sergio Aguero, Carragher is delighted to have him at Anfield.
"I know there are great players in the league," Carragher told talkSPORT.
"Aguero has started great, Rooney has started great, all these different players, but I can honestly say, without bias, I wouldn't swap him for anyone.
"I'm not saying these players aren't as good as him but, for me, I wouldn't swap him for anyone. I think he's fantastic."