The former Reds defender retired from football back in 2013 and has been a regular figure on our screens after being employed by Sky Sports.
Carragher has struck up a partnership with fellow ex-pro Gary Neville, with the duo constantly attempting to get the better of each other due to their club affiliations.
And while the 39-year-old looks just at home on a TV panel as he did on the pitch back in the day, he has admitted if Liverpool came calling, he would consider quitting tv work.
"It would have to be a very special role,” he told the Daily Telegraph Podcast.
“I think there has to be only one with Liverpool Football club and the first team.
"I don't mean managing in terms of when I say 'one', that wouldn't be realistic at all, but maybe being asked to be involved in the first team at Liverpool.
"Helping a foreign manager, helping Steven Gerrard [Under-18s manager]. Who knows?
"That is not a guarantee I would do it because I value the role I have at the moment - but it would only be one club."
Carragher made 737 appearances for the Merseyside outfit.
After calling time on his career with Liverpool, he was expected to venture into coaching.
However, he has admitted he did not enjoy earning his badges and preferred TV work after a spell with ITV covering the 2012 European Championships.
“In my 20s I was 100 per cent going to be a manager. I started to do my coaching badges at 31, 32, and I can't say I loved it when I started off," he added.
“I realised if you want to stay in the game there is coaching and the media side so I dipped my toe into both before I finished.
"I did the European Championships in 2012 with ITV and did some coaching and I really enjoyed the TV.”
