QPR face a fight to keep hold of their best players in the wake of their relegation from the Premier League and could be forced to cash-in any saleable assets if they are hit with a hefty fine this summer for breaching Financial Fair Play regulations.
McCarthy joined Rangers last summer from Reading after the Loftus Road outfit beat a host of clubs to his signature.
It has been a frustrating first season for McCarthy at QPR, though, with the former England Under 21 international being forced to play second fiddle to Rob Green.
McCarthy has made just one start in the Premier League this season, with his other start coming in the FA Cup, while he came off the bench in last weekend's win over Newcastle United after Green was forced off with an injury.
West Brom are in the market for goalkeeping reinforcements this summer with No.1 Ben Foster not expected to be back in action until October after a cruciate knee ligament injury.
Boaz Myhill, who has stepped in for the injured Foster, is out of contract at the end of the season, while third-choice goalkeeper Jack Rose is also coming to the end of his contract meaning West Brom are drawing up a list of targets, and McCarthy is thought to figure prominently on the wanted list.
The likes of Liverpool, Newcastle and Swansea City have been credited with holding an interest in McCarthy in the past and they are expected to monitor the goalkeeper's situation at Loftus Road this summer.