The 22-year-old Republic of Ireland international has been an ever-present for Roberto Martinez's side this season, finishing 23 of the Latics' 25 Premier League matches.
McCarthy's ever-increasing influence in the Wigan midfield has meant he has attracted admiring glances from a host of English clubs, with Gunners boss Arsene Wenger credited with an interest in bringing the midfielder to the Emirates Stadium.
Reds boss Brendan Rodgers is also reportedly keen to lure McCarthy to Anfield, so Liverpool could rival Arsenal for his signature when the transfer window reopens this summer.
The former Hamilton Academicals star feels a strong sense of loyalty to the club that signed him for £1.2million in 2009, but conceded that it is flattering to see his name linked with clubs like Arsenal and Liverpool.
"Obviously, it's good to see your name linked with big clubs, certain clubs, it's always nice but I am still a Wigan player and I will keep playing for Wigan until the end of the season," McCarthy said.
"I have been linked with clubs here and there but I will keep working hard and see what the end of the season brings."
With just one win in their last 12 games, Wigan are embroiled in a relegation dog-fight, and preserving their Premier League status could prove influential in determining McCarthy's future beyond the 2012/13 campaign.