The Blues have so far completed the signings of Willy Caballero, Antonio Rudiger, Tiemoue Bakayoko and Alvaro Morata. It is reported that Antonio Conte is planning a £120m splurge on Alex Oxlade-Chamberlain, Virgil van Dijk and Danny Drinkwater as he looks to bolster his squad.
Chelsea suffered a 3-2 defeat at the hands of Burnley at Stamford Bridge in their first competitive fixture of the 2017/18 season. The Blues finished the match with nine players on the pitch as Gary Cahill and Cesc Fabregas were sent off during the game.
The former Juventus and Italy manager admitted the club are "trying their best" in completing more signings, while suggesting that he is ready to fight with the players available at his disposal.
Carragher has urged Chelsea to do the "exact opposite of panicking" in order to avoid a season like they had in 2015/16. In that campaign, the Blues sacked Jose Mourinho and finished 10th in the league, a year after winning the league.
"They've lost one game at home - they should be thinking now 'relax'," Carragher told Sky Sports.
"They've got two games between now and the transfer window shutting. Antonio Conte needs to get two players in - they need strengthening, especially in the wing-back positions."
"Chelsea need to do the exact opposite of panicking. A couple of seasons ago when they drew with Swansea on the opening day and they had the incident with the club doctor, all of sudden it felt like Chelsea were under pressure.
"I felt like people were fanning the flames. The story was getting bigger and bigger until Jose Mourinho eventually lost his job.
"They need to stop this tidal wave of negativity. The way Conte is speaking to the press you know something isn't right.
"That's got to stop. They've got to remember it's only one defeat and they've got to get their heads back on. As Conte has said, they don't want another Jose season."