Fowler was adored by Liverpool fans during nine successful years at Anfield.
The striker scored 231 goals for the Reds before leaving for Leeds United in 2001.
Carragher believes Fowler opted to move to Elland Road after falling behind Michael Owen in the pecking order.
And the Liverpool legend reckons the same thing is happening at Manchester City – with Gabriel Jesus having ousted Aguero from Pep Guardiola’s starting XI.
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Sergio Aguero could quit Manchester City, warns Jamie Carragher
Gabriel Jesus has enjoyed a fine start at Manchester City
"I can see a parallel with Aguero and Jesus for how it was for Robbie Fowler when Michael Owen emerged at Liverpool in the late 1990s,” Carragher told the Daily Mail.
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"You knew when Michael came through that there would be an impact.
"Once Houllier brought Emile Heskey in and Michael had won the Ballon d'Or in 2001, the writing was on the wall for Robbie and he moved to Leeds.
"The point is, Michael and Robbie never looked like a partnership; nor do Aguero and Jesus.
Robbie Fowler quit Liverpool for Leeds in 2001
"Guardiola, remember, never played with a front two at Barcelona and only did it very rarely during his time at Bayern Munich, so I cannot see him going down that route in Manchester.
"Besides, how would you accommodate them? To do so, he would have to alter his system."
Jesus is expected to retain his place in Guardiola’s line-up when City travel to Bournemouth on Monday night (8pm).
Fowler, meanwhile, has signed up for Channel 4 reality show The Jump.