Henry is out of contract at Queens Park Rangers and his former boss is reportedly keen on a reunion.
The pair previously worked together at Wolverhampton Wanderers, where McCarthy installed Henry as captain en route to Championship promotion in 2008-09.
Henry, who is out of contract in June, told Get West London this week that while he is keen to remain at Loftus Road there has been no word as yet from the club.
"I'm sure I’ll knock on the door at some stage," said the 33-year-old, who has started 32 Championship matches this season.
"My contract is up and, if they want me, I'd love to be a part of things. We'll see how the rest of the season goes and what they want to do.
"Fingers crossed I can be here next year. If not, I think the club will have a great chance next season."
McCarthy's side look set to miss out on promotion this season, having fallen eight points behind sixth-place Sheffield Wednesday with five games remaining.
However, the gap could be reduced to five by Saturday evening, with Ipswich travelling to Hillsborough to face the Owls.
Playing staff improvements can be expected whether Ipswich are promoted or not this season and few will come with more experience than Henry, who has 127 Premier League and 275 Championship appearances to his name.