The Gunners extended their lead at the top with a dominant 4-1 victory over Tottenham on Sunday, powered by an Eberechi Eze hat-trick at Emirates Stadium.
Having finished second in the top flight for three consecutive seasons, this campaign presents a genuine opportunity for Arsenal to claim the title for the first time since 2004.
"The only team that can stop Arsenal winning the league is Arsenal; they are the best team. They are the best squad,” Carragher told Sky Sports.
“The only thing that can stop them is their own heads, their own mentality. Maybe this crowd getting nervous in March and April, if the league is still up for grabs by then.
“This would be the one. If they didn't win it, I think we'd all point the finger at them and say, 'You threw this away’. I don't think that's ever been the case before.
“ I always think the case has been that there has been a team slightly better than them in the Premier League, but that is definitely not the case this season."