McCarthy, 38, moved to Scotland in 2013 to pursue a career in coaching.
According to The Sowetan, McCarthy will begin work soon at the club.
“For now I will probably go to Hibs and work with a coach and a friend I worked with at Celtic a few years ago,” said McCarthy.
McCarthy earned 80 caps for Bafana Bafana between 1997 and 2012, scoring 32 goals. The highlight of the striker’s career was winning the Champions League with Porto in 2004. In 2006, McCarthy signed for English Premiership side Blackburn Rovers where he would go on to make 109 appearances, as he scored 37 goals.