McCarthy only arrived at Goodison Park in September on a long-term deal from Wigan Athletic but manager Roberto Martinez is keen to improve his terms.
And the Everton boss also plans on sorting out new deals for the "young generation" of Seamus Coleman, Ross Barkley and John Stones after their impressive performances this season.
"Seamus has got a long-term contract and James has got the same. But we want to reward them." said Martinez.
Coleman is the top rated defender in England this season and has scored 7 goals in all competitions.