McCarthy celebrated his fifth anniversary in charge at Molineux last week and has seen a gradual progression on and off the pitch during his term at the helm.
But there is no question of McCarthy resting on his laurels ahead of Wednesday's friendly at Celtic where he spent two years as a player.
He said: "I love everything about here - and I hope I'm here for the next five years.
"I've no desire to do anything else except make us better and become a better team, a better club, and keep progressing.
"I think I'm the eighth longest-serving manager and I think my accent has definitely changed to a Wolverhampton one!
"It's been a gradual progression upwards. Even though we finished lower down in the league last season than the year before, we still got more points.
"I'd still like to be sat here in five years time but with us as a solid team performing in the Premier League - a top 10 club and upwards."
McCarthy admits Wolves are more confident about competing in the top flight as they approach a third successive season at that level.
He said: "We have to be, as a manager and the players, if you've had two seasons in the Premier League.
"I wouldn't say we were comfortable, complacent, or thinking it's going to be easy. Don't anyone misunderstand me.
"But I'm comfortable here at the club and I think the players are and I'd say comfortable in the knowledge that they can compete in the Premier League.
"I thought as a team we were better than a side who stayed up in the last three minutes of the season.
"Let's hope we can prove that this year because that's what we have to do."
McCarthy has fond memories of his time at Parkhead as a player in the late 1980s.
He said: "We did the double in my first season there and stopped Rangers doing the treble the following year with the last kick of the season in winning the cup again.
"It is always special to go back although it is bizarre in the sense they have already started their league season and are now playing us in a friendly."