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."
Joshua Zirkzee is set to remain at Manchester United despite speculation linking the Dutch forward with a return to Italy, with the club making it clear there are no plans to sell him.
Michael Carrick has urged his Manchester United team to be wary ahead of the Premier League clash against Fulham despite a flying start in his role as interim head coach.
Manchester United have been dealt a significant injury setback after Patrick Dorgu was ruled out for an extended period with a torn hamstring.
Manchester United head coach Michael Carrick insisted there are "bigger games to come" after his side produced a statement 3-2 Premier League victory away to Arsenal on Sunday.
