Wenger's future with the Gunners is in doubt following his sides 5-1 defeat to Bayern Munich on Wednesday.
And Liverpool legend Carragher expects Wenger to leave Arsenal at the end of the season.
Jamie Carragher admits he feels sorry for Arsenal boss Arsene Wenger
Things cannot stay as they are, whether it is for Wenger, the team or their supporters
Liverpool legend Jamie Carragher
"Arsene Wenger is a legend in the English game," Carragher told the Daily Mail.
"That status, in my view, will not be affected by a sequence of bad results.
"When the summer comes though, I believe that opening statement will need readjusting. It will have to refer to how Wenger ‘was’ a legend in the English game.
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Arsene Wenger's future at Arsenal is in doubt
"He said he will still be a manager 'somewhere' next season during a classy press conference on Friday morning but we have reached the point where his reign at Arsenal should come to an end.
"As I watched Bayern Munich rip Arsenal to shreds on Wednesday, I felt sorry for him.
"Things cannot stay as they are, whether it is for Wenger, the team or their supporters.
"I’m not an Arsenal fan but a lot of the criticism comes from the fact the club have allowed a culture to develop where they accept they are second best."