The Reds left Melwood, which had been the club's training hub since the 1950s, back in November and relocated to a new £50million complex across the city at Kirkby.
Carragher and Fowler have agreed a deal to take over the site so they can merge their sporting academies.
The Fowler-Carragher Academy will take on operational responsibility for the existing building, which will host a college that provides training and educational opportunities for youngsters in the surrounding areas.
Carragher told the Telegraph: "We will be keeping most of the Melwood facilities we enjoyed during our playing careers, including the main building and a couple of the football pitches.
"As ex-Liverpool players, we will also be preserving the spirit of the old training ground, ensuring visitors are left in no doubt about the rich history of the venue."