But Carragher, who made more than 700 appearances for Liverpool and helped them win the 2005 Champions League, believes there is still a gaping hole in their squad.
When asked on Sky Sports about the Blues’ title chances ahead of facing Brighton, he said: “Not for me, no.
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Chelsea have been active this summer, signing Kai Havertz, Timo Werner, Ben Chilwell, Hakim Ziyech, Malang Sarr and Thiago Silva.
However, one player who continues to be linked with the Blues is West Ham and England midfielder Declan Rice.
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“Because the spending has been at the top end of the pitch and until Chelsea rectify their goalkeeping situation I don’t see them winning the league.
“If Chelsea signed a top goalkeeper, I think that will make a big difference.
“And also to be fair to Chelsea and Frank I think the expenditure of this transfer window is almost three or four transfer windows of money getting spent in one go.
“They couldn’t buy anyone last year, they’ve still got the Hazard and the Morata money, so it is club money in some ways.
“Until they change the goalkeeper I don’t think they’ve got any chance.”
Lampard appears to have kept faith in goalkeeper Kepa Arrizabalaga, who suffered heavy criticism last season as he made just 10 clean sheets.
And Carragher explained why the Spaniard is stopping Chelsea from progressing.
He added: “The difference Alisson and Ederson made to Jurgen Klopp and Pep Guardiola, they were nowhere near winning leagues before those goalkeepers came in.
“You have absolutely no chance of winning the league with a poor goalkeeper. History tells you that.
“You go back you think of Schmeichel, Neville Southall for Everton. Great goalkeepers make a difference.
“They’ve paid top dollar and they’re not even getting middle-dollar performances for what this goalkeeper is bringing.
“That’s why I won’t change from that fact that unless they change that goalkeeper they won’t challenge.”
But Lampard appears to be addressing the issue as he continues to chase Rennes shot-stopper Edouard Mendy.