McCarthy parted ways with Cape Town City on Sunday after what the club described as poor results where he only won two games this season.
The former Orlando Pirates striker has since been replaced by Dutch coach Jan Olde Riekerink, who is expected to be on the bench when the Citizens take on Black Leopards at Thohoyandou Stadium on Saturday.
McCarthy has since paid tribute to his friends and former colleagues in Cape Town and promised to return to the country.
"I can't thank these guys enough for a memorable few years together, friends who became family," said McCarthy on his social media pages.
"Gone for now but I will be back, see you guys around. Good luck."
McCarthy has been linked with Pirates since his departure as Rhulani Mokwena continues to struggle following Milutin Sredejovic's exit back in August.