Hamilton have accepted a £2million bid from Wolves for McCarthy, who is also wanted by fellow Premier League side Wigan Athletic.
The teenage midfielder visited Wolves' Compton training ground on Friday and met up with manager Mick McCarthy.
He is now expected to hold talks with Wigan, with Wolves' chief executive Jez Moxey confirming the club are awaiting the player's decision.
"We've agreed a fee for James with Hamilton Academical," Moxey told the club's official website.
"James came down with his family and had a look around Compton and Molineux, and met Mick upon his return.
"He has now gone away to consider his options and we await any further developments."
Burnley and Portsmouth have also been linked with a bid, but Celtic boss Tony Mowbray says he has been priced out of a move.