Arsenal were linked with a move for France international Schneiderlin but he ended up joining bitter rivals Manchester United in a £25m deal.
Former Liverpool defender Carragher believes the Gunners will just miss out on the Premier League title this season.
And he thinks Wenger’s failure to sign Schneiderlin will cost them dear.
Carragher said: “I look at Morgan Schneiderlin, to be honest, and think if I were an Arsenal fan, I would have liked him to have come to the club.”
“Francis Coquelin was a revelation in the second half of last season, but we do not know if he can quite continue that over the coming years. And who would play if he was out?”
“And I just think that Schneiderlin would have offered Arsenal a massive physical presence – like Nemanja Matic for Chelsea and Yaya Toure for Manchester City – and you look over the last few years and Schneiderlin has been exactly that type of player.”
“He gives you that power that Arsenal may lack when trying to win the title this year and that is why they may just fall short, and so that is why he is one who I maybe would have looked at.”