City have been found guilty by an independent commission of serious breaches of Premier League financial rules between 2009 and 2018.
The club could be stripped of the titles they lifted during that time period or potentially kicked from the English top flight as rivals wait for a verdict which should come in January.
United finished second behind City in the 2011–12 and 2017–18 seasons, meaning if the titles were stripped, they would be handed to the Red Devils.
Carrick has been personally affected
Carrick, who was in both squads when United finished second behind City, commented on the potential punishment and why he believes it likely won't happen.
He then said: "I think when you're in sport, certainly in football, I think the strive to win and the emotion, the feeling about winning, is a lot of it is in the moment.
"Whether you're successful, whether you lose, whether it goes against you the beauty of sport and the beauty of football and the beauty of trying to win trophies here is a little bit on the journey towards it and then the finale, you know, and does it go for you, does it go against you?
"I have my own questions about it because it has affected me personally. We'll have to see how it goes. The sooner it gets sorted for everyone, the better.
"Once that's done, there's no getting that back in any direction. That's the feeling we all crave is coming out on top. That kind of sums it up, you know, whatever's done in the past tense done in the past, but in that moment is how you feel in that moment.
"Certainly as a participant, as a performer, and I'm sure the supporters feel the same, that's why we love it so much because of the emotion in the moment.
"I think at the moment, as it's still not finalised, I think I'll hold that one until later on. I think regardless of anything, a medal anyway, in any sport in history, I think later on you get the medal, and it's proven at different times.
"It's the moment that you strive for to win and achieve in that moment, so the medal here or there, not getting blase about it, but that doesn't bring the feeling of when you initially win or you don't win. That's essentially what we're all in it for."
Whether United could be awarded either title would depend on the Premier League's eventual decision on any sanctions against City, a verdict which won't be until months from now.