The Daily Mail says the 30-year-old has signed a contract keeping him at the club until 2011, quashing rumours he would move in search of Uefa Champions League football.
McCarthy, who recently became the highest goalscorer in South African national team history when he netted his 30th strike against Paraguay, has suffered from second-season blues this term, after netting an impressive 24 goals in his first term with Rovers.
The former Cape Town Spurs star has scored just 11 times this campaign and recently lost his starting place in the side to fellow striker Jason Roberts.
Meanwhile, Quinton Fortune is yet to secure a deal with Rovers. Coach Mark Hughes told the Lancashire Telegraph that the club has not made up their mind yet.
“Quinton is still injured," Hughes said. "He hasn't been able to train for the last few weeks and we haven't really had an opportunity to look at him. But obviously he wants to get fit and show us what he can do."