John Terry has announced his international retirement and Rio Ferdinand has been frozen out - leaving just Steven Gerrard and Frank Lampard from that era. And Roy Hodgson has been trying to blood younger players to peak at Brazil in 2014.
Carragher said: "The big hitters have moved on now. Rio and John Terry have been the mainstays for a long time. They will be missed. I was part of that squad and group of players with the silly tag of the 'golden generation'.
"I don't think we have the players to replace them just yet but there are young players coming through who will hopefully fill that role.
"The job of Roy and those players is to get to Brazil and take it further when we get there. I'm sure at this time next season there will be a player for England we haven't thought of right now. That is how quickly things change."