McCarthy is on course to return towards the end of January after undergoing ankle surgery earlier this month. The 19-year-old Republic of Ireland international was injured in a tackle from Bolton's Fabrice Muamba in October.
McCarthy said: "He is starting to put the weight on his ankle and he is progressing really well.
"From next week he will probably be able to put 80% of the weight on it and from then on it is going to be a lot easier.
"The surgery was a real success and everything up to this point has been as we expected, if not better.
"He is a really fit boy and is looking after his body. He is going to get the rewards real soon."