The Reds boss Rafa Benitez will have to make a late decision on whether to put Gerrard into the team.
“We can get a good result without Steven,” said Carragher.
“We have done it in the past, he is a great player – one of the best in the world – and we hope he will be fit.
“But when we won the trophy in 2005 there were plenty of games when Steven didn’t play. Obviously we are a better side when he plays, and hopefully he will be playing.”
Carragher is looking forward to the Champions League clash at the Bernabeu tonight.
He added: “It is fantastic to be here, I get very excited about ties like this because you want to experience playing in the big stadiums. We have never played here so a lot of us were really pleased with the draw.
“This is against the team who are probably the biggest in European football, and Liverpool are proud that we are up there alongside AC Milan and Real as the three most successful teams in Europe.
“For two of those teams to be pitted against each other in the Champions League, shows now how big this game is.
“There’s 14 European Cups won between us, and hopefully we can make it six for us this season.”