After leading Bournemouth to their highest-ever Premier League points total and first-ever European qualification last season, Iraola replaces Arne Slot who led Liverpool to a trophyless campaign last season.
There is a lot of anticipation around the Spaniard, who has already splashed the cash on Victor Munoz from Osasuna and is set to spend on another new winger in the coming months.
Whether Liverpool manager Iraola can challenge for the title is the main question heading into the season, a question Carragher was asked this week as he held off on predicting that the side will go all the way.
"Can they challenge? Yes. Those days are gone from when I played when managers came in and it was like a four or five-year project to try and win the league or come close to winning the league.
“Those days are gone and I said that when Arne Slot came in. You know, Jurgen Klopp’s team finished third, you’ve got to go for the league and he won the league, and it’s the same with Iraola.
“Liverpool finished fifth last season, nowhere near good enough.
“So, I’m not expecting Liverpool to win the league next season, but we are Liverpool, we’re going to spend big in the summer, we’ve got a lot of great players and yeah, we’re gonna challenge.”
The Reds face Newcastle United before they host Nottingham Forest and Fulham either side of a trip to newly-promoted Ipswich in their opening clashes as Iraola seeks a solid start in what could become a title run.