The 23-year-old, who is currently sidelined after undergoing shoulder surgery in November, has attracted attention from a host of rival Premier League clubs, after turning in a series of impressive performances at the Madejski Stadium.
McCarthy was on the verge of an England call-up prior to his injury, after dislodging long-term custodian Adam Federici as the Royals number one.
Liverpool boss Brendan Rodgers has been credited with an interest in bringing the talented stopper to Anfield in the summer, as speculation continues to surround the future of Pepe Reina on Merseyside.
However, Liverpool will face competition for McCarthy's signature from Chelsea, as Russian owner Roman Abramovich considers shaking up the Blues goalkeeping department.
Petr Cech remains the undisputed first-choice stopper at Stamford Bridge, but with Portuguese veteran Hilario out of contract at the end of the season, and Ross Turnbull failing to stake a claim for regular action, there is a potential opening for McCarthy in west London.
Thibaut Courtois continues to impress on his second season-long loan spell in Spain with Atletico Madrid, and Chelsea will have to make a decision on whether or not they see him as a future first-team star, before pressing ahead with a move for another goalkeeper.
Reading boss Brian McDermott will be determined to keep McCarthy at the Berkshire-based club, and with the youngster now back in training he could play an important role in their fight for Premier League survival.