Carragher believes there is ‘as much chance of them finishing outside the top four’ as there is them challenging his former side Liverpool and Manchester City – the two most dominant forces in England’s top flight in recent seasons.
Chelsea have already added Kai Havertz, Timo Werner, Ben Chilwell, Hakim Ziyech, Malang Sarr and Thiago Silva this summer, with goalkeeper Edouard Mendy set to move to Stamford Bridge.
His arrival could take their summer spend to around the £220million mark but despite the huge outlay, Carragher is yet to be convinced that Chelsea will be able to sustain a title challenge.
‘Are they ready to challenge Liverpool? No. Not without a new goalkeeper,’ Carragher wrote in his Telegraph column.
‘I said in this column a year ago I would be surprised if Chelsea qualified for the Champions League.
‘Now Chelsea will expect improvement on last year. The danger with a fresh squad is Lampard’s second season is really more like the first for most managers.
‘There is as much chance of them finishing outside the top four as challenging the top two.’
While the huge spend will pile the pressure on Lampard, Carragher feels he had no choice but to try and get quality players in this summer.
‘The benefit of being Chelsea’s coach is you have Roman Abramovich’s resources and the chance to compete for the most coveted players,’ added Carragher.
‘That’s why it makes sense for Frank to add six or seven players in one hit. He does not have the luxury of waiting and creating a team window-by-window.
‘He has been decisive and given himself the best chance of succeeding quickly at that particular club.
‘Once he could buy, what was Frank supposed to do? Say, “No thanks, Roman” and let someone else use that cash next summer?’
While he’d be surprised by a title challenge for Chelsea, Carragher expects Liverpool to be the team to beat once again.
‘With one more high class player joining Thiago [Alcantara] – a back-up to the front three who are expected to deliver every week at home and away – I think Liverpool will be strong favourites to be champions again,’ said Carragher.