HITC Sport understands that the 24-year-old has penned a five-year contract, with Bill Kenwright stepping in to get the deal over the line.
The penning of fresh terms with the Toffees brings to an end a period of uncertainty for the player and the club, with plenty of speculation having surrounded the 24-year-old’s future throughout the summer.
Interest from afar, particularly from Tottenham Hotspur, was mooted – in the Daily Mail, among other media outlets - but Everton have moved to secure the services of one of their prized assets through to 2020.
HITC Sport understands that club chairman Bill Kenwright was personally involved in talks as he endeavoured to ensure that top talent was not allowed to slip through the club’s grasp.
His input has helped to put an agreement in place, with all sides now looking forward to the start of the new Premier League season this weekend.
The 2015/16 campaign will be McCarthy’s third at Goodison Park, with there every chance that he will pass the 100-appearance mark for the club this term if he is able to steer clear of injury.