Wolves are guaranteed a second successive campaign in the Premier League following Burnley's 4-0 home defeat to Liverpool.
That has prompted chief executive Jez Moxey to wax lyrical about McCarthy, who is also now being backed to go on and win a trophy at Molineux.
"Mick has to be the best Wolves manager in 30 years. He's as good as we've had in recent times," said Moxey in the Express & Star.
"He's done something no other manager here has achieved in winning a title (last season's Championship) and keeping us in the Premier League.
"Let's hope he can go on and win a major trophy for us - that's our aim, to re-establish this club as a major force in the land.
"People will say it's a pipe dream, but if we look at what Everton have done, why can't he?
"He's done a great job and he will be here a long time. We are happy with him and he is happy with us.
"Mick has done a magnificent job when many people were saying he couldn't manage in the Premier League. This is a major achievement for this football club."
Moxey's comments put McCarthy ahead of the likes of Graham Turner, Mark McGhee, Dave Jones and Glenn Hoddle.
But Moxey added: "I think he has been the ideal leader for this group of players.
"His calmness and confidence in the players has created the best environment for them to flourish and they have got better and better as the season has gone on."
As a reward, Moxey has promised McCarthy further funds this summer to continue strengthening the squad.
"We will carry on trying to build this team and trying to get it better year on year," said Moxey.