Chelsea’s recruitment has largely centred on strengthening their attacking options over the course of the last two windows as they sign a plethora of young talent for the future under manager Enzo Maresca.
The west London did win the Conference League and Club World Cup in 2024-25 but Carragher does not believe this is enough for a side who have invested so much in their squad.
He wrote in The Telegraph about how the club are praised for their recruitment rather than lifting trophies.
"Chelsea have achieved the near impossible since Roman Abramovich sold up. They have spent £1.5bn to transform themselves from serial winners of major trophies to serial project managers.
The club who once sent fear through their Premier League rivals with their determination to win big prizes right here, right now, appear to be preoccupied with building for the future.
"Chelsea should be title contenders and considered Champions League challengers this season. Instead, their hierarchy seems content to be praised for being the smartest recruiters in the business – the world’s richest development club.
“It is a head-scratcher as to how anyone can spend so much over the past three years and still come into another season with relatively modest ambitions and expectations upon them."
Chelsea sit 6th in the league and face Brighton this weekend, anything less than a win could mean the title slipping away from them if Arsenal and Liverpool pick up a win in what could be another disappointing season.