"Temporarily, the mega fees we have seen cannot continue their upward trajectory," Carragher wrote in his Irish Independent column.
"Those footballers in the highest price bracket thinking of a big-money move need to wake up.
"Clubs in the lower leagues are pleading for help to survive, and those at the top are not immune to these dangerous times.
"Barcelona's squad have accepted a 70 per cent pay cut, and there has been mounting pressure for Premier League players to have salaries reduced.
"If such cost-cutting is enforced to enable their board to put together a £150m transfer package for a footballer on £250,000 a week, it will feel wrong.
"With that background, while we have not seen the last £100m deal, the circumstances dictate that anyone hoping for one in the near future ought to think long and hard before pursuing it.