The Reds are the current holders of the Champions League crown and are looking to end a 30-year wait for title glory in the Premier League this season.
A star-studded squad has been assembled by Jurgen Klopp, with Mohamed Salah, Sadio Mane and Roberto Firmino leading the way as a fearsome forward unit.
Concerns continue to be raised, though, as to the alternative options at Anfield and the depth which exists behind established options in the starting XI.
Carragher believes that issue needs to be addressed and hopes to discover that there is substance to the speculation suggesting that England international Sancho is among those on Klopp’s wish list.
The Reds legend told Viasport: “I think Liverpool still lack one player which is an attacking player to really support the front three and almost make it like a front four.
“At the moment there’s still a big difference when one of the front three doesn't play.
“We saw that at the weekend again when Salah was out – that time Alex Oxlade-Chamberlain played in the front three and that didn’t work. We’ve seen [Divock] Origi - that doesn’t work.
“Maybe there’s talk of a man in the Bundesliga coming to England from Borussia Dortmund, maybe he’s someone who Liverpool may be looking at in Sancho, who a lot of other Premier League clubs are looking at.
“There has been some great signings for Liverpool in the past [in January]. You think of [Virgil] van Dijk, Luis Suarez, Daniel Agger was a great player for Liverpool, Daniel Sturridge is another one.
“I would like to see an attacking player come in, someone with a bit more quality, maybe someone who could help them in the coming months going forward.
“I don’t think it’s an area which Klopp really looks at but I would expect it to be a really big summer for Liverpool, especially considering they didn’t sign anyone last summer.”
Sancho is not the only playmaker to have seen links to Liverpool emerge over recent weeks.
Bayer Leverkusen midfielder Kai Havertz is another promising talent that the Reds are said to have their eye on, with it suggested that Klopp still needs to find a suitable replacement for Philippe Coutinho – who was offloaded to Barcelona in January 2018.