The 24-year old Gambian winger joined the Teessiders from Bristol Rovers last summer and has been a shining light in an otherwise drab campaign at the Riverside Stadium.
Mowbray believes that Carayol, who has also played for Torquay United and Kettering Town, could complete his rise up the ranks if a top flight club were to come in for his services.
"I would hope he is more than a Championship player. He has the talent to be more than a Championship player - that's down to him to see how far he takes it," Mowbray told the Evening Gazette.
"He has to understand that so that he reaches level consistency that will enable him to play at a higher level.
"I think it's about getting up to the intensity of the league with Muzzy. I think he's now managed to do that and he's showing the talent he has.
"We know about his talent, that's why he's here at Middlesbrough, that's why we signed him.
"We've always known about the talent he possesses, it's just about how to apply it week in, week out - you need consistency, to do it week in, week out.
"Let's hope he can continue to show that. I've said to him he's got to find the consistency to go with the talent and if he does he'll have a very, very good career.
"I've been saying to him for weeks we need more from him because we know what he can do one-on-one with people."