Carroll will be looking to continue his impressive form in tomorrow's Premier League clash at Molineux.
He impressed against Manchester United at Old Trafford and scored a stunning hat-trick in last Sunday's 6-0 demolition of Aston Villa at St James' Park.
McCarthy said: "I thought Andy Carroll was excellent at Old Trafford. I know he missed a header but I thought he worked really hard and put a shift in.
"Then against Aston Villa he was outstanding. He is fabulous in the air, runs the channels and scores goals.
"He's a young lad learning his trade."
McCarthy added: "I saw him at Preston when he was out on loan and we asked about him.
"We asked about him last year. We didn't get close at all. We made a bid but it didn't get anywhere.
"He's at a good club with the number nine on his back. I'm sure he is loving it because he is a Newcastle lad.
"They have got a young local lad coming through who can play."