McCarthy has barely featured for the R's this season due to Robert Green's excellence, but City still apparently believe he could be a valuable addition.
The 25-year-old only moved to Loftus Road last year, but his form at Reading earlier in his career has reportedly been enough to convince City to make a move.
The current Premier League champions need to add English players to their squad to fill their homegrown quota and they may feel that McCarthy could challenge Joe Hart for the number one shirt.
Should McCarthy move to City?
McCarthy may not currently be receiving much regular football at QPR, but his chances of breaking through there look considerably better than at City.
Green is reaching an age where he will need to be replaced sooner rather than later and McCarthy is likely to get an opportunity to prove his worth in the foreseeable future.
At City, however, he would struggle to displace Hart and the stopper would need to weigh up what is most important to him, if he were offered the move.
If McCarthy is happy with his current role as a back-up goalkeeper then a move to City, where he would be likely to land an increased pay-packet, could be appealing, but if he wants a chance of playing regular football then he should stay put.