Arsenal arrived at the Molineux looking to go seven points clear of Manchester City but came away with a single point after throwing away a two goal lead.
It is the second Premier League game in a row that Mikel Arteta's men have drawn and as City catch up, the title race is starting to heat up.
Speaking after the game, Carragher revealed that he thinks the Gunners dropping points can only be good for the Premier League.
"What I don't want, unless it's my own team, is for someone to run away with a league, so I'm glad with that result tonight," Carragher explained.
"It makes it exciting and gives us things to talk about; it creates stories between now and the end of the season. So, I think it’s good for the Premier League
"I think I would rather Arsenal win it, because I think it is good for a league to have different winners. It would mean over the last three years we'd have had three different winners, which I think is good.”
Arsenal's lead at the top of the Premier League now stands at five points, having played one more match than City who face Newcastle United this weekend as they try and close that gap to just two points.