The Gunners have been touted as one of the favourites to lift the top-flight trophy in May with so many of their regular rivals off the pace this season.
Arsene Wenger’s side were top of the Premier League earlier in the year but a poor run of recent form has caused them to slip down to third place in the table and eight points behind leaders Leicester heading into the final nine games of the season.
Leicester recorded a hugely impressive 3-1 victory at Manchester City back at the start of February to underline their status as genuine contenders for the Premier League title.
And Carragher says that result prompted him to place the Foxes as favourites to win the title ahead of Arsenal.
Speaking to the Daily Mail, Carragher said: “I hope Leicester [win the title].
“I’d probably say I always thought Arsenal would do it around Christmas and New Year.
“I changed my mind the day Leicester beat Manchester City. I thought that was a massive shift not just in terms of points but also because they sent a statement to the rest of the Premier League saying ‘we are here to stay’.
“They have carried on the run ever since. The others falter and they are five points clear now. I think it’s theirs to lose. They could run away with it.”
MORE: The latest football news