The Gunners are in talks to sign the Ukrainian winger, who has an £85million price tag having scored 10 goals in 18 games for Shakhtar Donetsk this season.
Despite Mudryk, 21, occupying the same left-wing position as Gabriel Martinelli, former England star Carragher believes his arrival would still be a vital boost in Arsenal’s challenge.
“They’re after Mykhaylo Mudryk, when I’ve seen him play in the Champions League, he’s been left wing and Gabriel Martinelli is there right now, he’s been outstanding,” he told Sky Sports.
“Maybe one of them will go through the middle?
“If they want to compete with Manchester City – and they are doing that right now but I’m talking about in all competitions and for the next few years like Liverpool have done – you need options from the bench.
“Mikel Arteta knows that better than anyone from his time at Manchester City.
“I think Mudryk would be a really exciting signing from what we’ve seen in the Champions League.”