The former Liverpool defender, who played alongside the Spanish striker at Anfield for three-and-a-half-years, suggested on Sky Sports' Monday Night Football coverage that Torres may have fallen out of favour with Blues boss Jose Mourinho.
Torres was left on the bench for the 0-0 draw with Manchester United at Old Trafford on Monday night, leaving Carragher to ponder what the future holds for his former teammate.
"I'm wondering if Mourinho was sending a message to the owner in the stands," he said.
"We all know he wants (Wayne) Rooney, that's obvious. He's basically saying that his strikers aren't good enough; that's what he's telling the world out there.
"You could say it's probably the end at Chelsea [for Torres]. I didn't think he was going to have too great a time under Mourinho.
"As soon as Jose came in his quotes were quite negative about Torres. He started him in the first game against Hull and he was poor. I don't think he got stripped for the second game against (Aston) Villa.
"I've played with Torres at Old Trafford and he tortured Nemanja Vidic, he totally took him to the cleaners on this pitch in 2009. You wouldn't have swapped him for anyone.
"But now he can't even get on the pitch ahead of André Schürrle, who is only a winger. For me, in terms of an individual player, I don't think we'll ever see Torres come back to being the player we saw a few years ago against Vidic at Old Trafford."