Wolves are chasing Celtic winger Niall McGinn.
The Derry Journal says sources in England have suggested that McCarthy is expected to table a bid of £1.5 million to Celtic for the 22-year-old Tyrone man in the January Transfer Window, the Wolves boss anxious to strengthen his midfield as his side continues to compete in the bottom half of the Premiership.
The player, who joined the SPL giants from Derry City at the start of the current season for a fee understood to be £200,000, has made an impression both at Celtic and, more recently, for the Northern Ireland international side having been voted "man of the match" in his last two appearances against the Czech Republic and Serbia on Saturday last at Windsor Park.