The 30-year old Argentine has made only six appearances this season but has bagged three goals, including the first in Tuesday night's 2-0 win at Stamford Bridge.
"Maxi is a top player," Carragher told Liverpool's official website.
"He probably doesn't play as often as he would maybe like but whenever he comes in he does a great job.
"We're talking about a top international who has played in World Cups."
Carragher felt the Reds' progression, which followed their draw at the weekend against Manchester City, was fully merited.
"I think it's fair to say we deserved it," he said.
"We missed a penalty as well and I don't think our keeper had too many saves to make.
"It's a competition we've taken very seriously from the start. You could see that with the team the manager put out."
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