Sheffield United boss Chris Wilder is among the favourites to replace sacked Sunderland manager Chris Coleman.
The Blades boss has been listed as one of the front-runners to take over at Sunderland after the North East club's disastrous season saw them relegated to League One from the Championship.
McCarthy, who is available after leaving Ipswich, Sheffield United's Chris Wilder and Leicester assistant Michael Appleton are among the early frontrunners with the bookmakers for the vacant Sunderland post.
Chris Wilder is 7/2 with SkyBet and 7/2 with BetVictor to take the helm at the Stadium Of Light.
Former Ipswich man Mick McCarthy is favourite for the Sunderland role, at 1/3 with SkyBet, after leaving the Portman Road outfit with several games left to play earlier this month.
The news comes after a frustrated Chris Wilder said he would be prepared to walk away from Bramall Lane if the club's ownership issues aren't resolved.
Speaking after Saturday's 1-0 defeat to Preston North End, which effectively ended the Blades' play-off hopes, Wilder said: "One hundred per cent I want to stay,” he told The Star. “One hundred per cent. But like anybody else, you’ve always got a decision if you don’t agree with what’s going on above you.
“Nobody has got a gun to my head to manage this football club. I’ve had it before when I’ve been at a football club and didn’t enjoy it. Where I thought ‘what am I doing here?’ I won’t make that mistake again.
“I stayed when I had a chance to get out. I won’t make that mistake again."
-> Are Sunderland waiting in the wings for Sheffield United boss Chris Wilder?
Current Sunderland owner Ellis Short announced on Sunday that he had agreed to sell the club to an international consortium headed by the Eastleigh chairman, who in turn is to relinquish control of the National League outfit.
However, the new owners would have to gain EFL approval before the deal could go through and that process could take days, weeks or in extreme cases, months.
In the meantime, first-team coach Robbie Stockdale will take charge for the final Sky Bet Championship game of the season against Wolves on Sunday.
Coleman's exit after a little more than five months was met with dismay by some supporters, although speculation has been rife over who will replace him with social media sent into a frenzy by pictures of former boss Mick McCarthy in the area over the weekend.