The defender again impressed in their Champions League win against Real Madrid last night.
Afterwards, Carragher enthused CBS Sports Golazo: "You talk about full backs and you think of sort at Liverpool with Trent they're a little bit different.
"They're not a normal full back and you just mentioned what a young full back would be. Normally at a big club, when a young player comes through, the easiest position to come through is probably full back.
"You (pointing at Micah Richards) did that (at Man City), I did that (at Liverpool). You bed yourself into the game. I'm not saying it's an easy position, but you don't have to be spectacular if you like.
"But he's spectacular at left back and he looks like one of the best players in the Arsenal team.
"He's going into central midfield and receiving the ball on the half turn. He's got Mbappe and Vinicius Jnr either side of him, he's taking responsibility."
Carragher also stated: "'When Wayne Rooney first came into the England squad it was almost like I'm the best player, give me the ball, no fear, you take the ball in difficult situations.
"When we were young players it was like you wanted to get your first pass off, don't give the ball away just want to almost build into a game.
"But he's got that thing like he's 26 and been playing all of his life and he is very, very special."