The Kuwaiti-based Al-Hasawi family took control of Forest last week, immediately deciding to sack Steve Cotterill. The new owners, who aim to get the midlands club back in the Premier League, were unveiled at a press conference on Saturday.
At the media gathering, one of the owners - Abdulaziz Al-Hasawi - revealed they had opened talks with McCarthy, and said: "Mick is one of the people we are talking to, but there are others. If he meets our requirements, we would be honoured to work with Mick."
McCarthy has proved his credentials at Championship level by guiding both Sunderland and Wolves to the Premier League as champions in 2005 and 2009 respectively.
Al-Hasawi continued: "It is very important for the manager to have good knowledge of this league and the teams involved in it.
"They must also have an understanding when it comes to working with a club and developing it.
"We are looking for somebody with a strong CV, with a lot of experience. We want somebody who has good, strong character to come in and inspire the players.
"We have interviewed some people on the phone but we're starting to see people face to face and you get a much better impression when you see them face to face. They are more comfortable and can speak more openly."
Former Republic of Ireland boss McCarthy was sacked by Wolves at the end of last season following relegation from the Premier League after almost six years in charge at Molineux.
Peterborough manager Darren Ferguson and former Forest midfielder Roy Keane, who has also won promotion from the Championship as Sunderland boss, are also thought to be contenders to replace Cotterill, who was dismissed on Thursday.
Source: PA
Source: PA