Carragher believes winning the Premier League title with Liverpool would mean more to Gerrard than "five or six" winners' medals with another club.
Carragher told talkSPORT: "Steven Gerrard is probably the greatest player not to have won the Premier League title.
"There are lots of players down the years who have won it who couldn't lace his boots.
"He's been loyal to Liverpool. He could have moved two or three times, had more honours and maybe even won the title.
"Winning it at Liverpool would be like winning it five or six times at another club though. That's how much it means (to him)."
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