Carrick was hired to the end of the season after the dismissal of Ruben Amorim and has guided United to third-place on the Premier League table.
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Asked for a reaction to the team's progress under Carrick, Ratcliffe told Sky Sports: "He is doing an excellent job, yes, absolutely."
But Ratcliffe refused to be drawn on appointing Carrick in a long-term role, saying: "No, not going there."
Instead, Ratcliffe admits qualifying for the Champions League this season is a key target.
He also stated: "Clearly we are thinking about that. But there are still seven or eight games to go, so still a while yet."