Spurs boss Andre Villas-Boas lost Gareth Bale to Real Madrid in the summer, but spent in excess of £80million and brought in a whole host of new players.
Christian Eriksen, Erik Lamela, Roberto Soldado, Nacer Chadli, Vlad Cliriches and Paulinho all arrived at White Hart Lane, but Carragher believes Tottenham's new boys will need time to gel and are says they not yet at the same level as Chelsea, Manchester City and Manchester United.
"Tottenham have started well this season but I think they will find it very difficult to win the Premier League," Carragher told skysports.com.
"They have spent a lot of money and when you do that people start to talk about you in terms of the title, and if they are within touching distance with 10-15 games to go they will have a chance.
"But Spurs have slipped out of the top four and the main aim when you do that is to get back in it, rather than looking to immediately win the league, and I don't think they are where Man City, Chelsea and Man United are at the minute.
"The money Tottenham splashed out in the summer was mainly what they got from Bale and they aren't going to be spending loads every year like the other top teams, although United were relatively quiet in the last window.
"Plus, the players Tottenham have brought in - the likes of Eriksen, Chadli and Lamela - are still finding their feet in the Premier League so it is a bit much to put them down as title contenders.
"Villas-Boas has got a quality squad with plenty of strength in depth but a lot of those players have not been in title-winning or title-chasing teams before so you don't know how they will react at crunch time.
"And because of the sides they are up against, I reckon they might just miss out on a place in the top four; it's hard to say United, City and Chelsea won't get in those Champions League spots and Arsenal have started like a house on fire.