The Reds have had a frustrating campaign so far and are behind Manchester City and Tottenham in the race for a top-four finish.
“We need to think about winning every game from now until the end of the season, but because we’re a little bit behind even that might not be good enough,” Carragher said in the Sunday Mirror.
“People look at our run-in and think we’ve got easier games than City and Spurs.
“But I’d much rather be where they are than where we are and because of that I think City are probably favourites to finish fourth.
“We can’t worry about the others, though, because we’ve got to get ourselves in a position where we can put some pressure on them.
“It’s no good what a run-in looks like on paper. You’ve got to win your matches. City and Spurs might have tough games to come. But who’s to say they won’t win them?
“They are up where they are because they’re two very good teams. For me, City are definitely favourites.”
