The former Cape Town City and AmaZulu head coach was most recently employed by the Red Devils as striker coach.
He spent two years in Manchester before his recent exit after the expiry of his United contract.
Speaking to CNN, the 46-year-old explained that he was looking to "manage one of the big teams in Africa".
He said: "After leaving United, the passion for wanting to be a head coach again, that is the next step for me.
"To go back to Africa to manage one of the big teams, one of the important teams, with the knowledge I have gained, that would be amazing. To manage a team on the continent, trying to make them one of the powerhouses of African football."
McCarthy added that he would be intrigued by an offer from an international team, including South Africa, or even from Major League Soccer.
He was in talks with the South African Football Association before they appointed Hugo Broos in 2021.
"But also to try and play in the Club World Cup. My aim is to do that or the MLS interests me a lot. I would welcome opportunities like that," added the coach.
"If given the opportunity, I think I can do a sterling job [with Bafana Bafana].
"It's the highest honor from my point of view to manage your country, but we'll cross that bridge when we get there."
Manchester United are bracing for a tough trip to Aston Villa after midfielder Casemiro was ruled out through suspension, deepening a growing list of selection problems for manager Ruben Amorim.
Ivory Coast winger Amad Diallo has revealed that Manchester United's dressing room was 'very disappointed' after the 4-4 thriller against Bournemouth on Monday.
Ruben Amorim has challenged Manchester United to become far more clinical after they shared eight goals with Bournemouth in a breathless 4-4 Premier League draw at Old Trafford.
Ruben Amorim has openly accepted criticism from Manchester United legends over his handling of Kobbie Mainoo, admitting he has "not been doing good enough" as pressure continues to build at Old Trafford.
