He feels that if he can get fixed up with another club sooner, then he could be allowed to leave.
"I'm fit, there is no problem with my leg but there's a lack of first-team opportunity for me," the 31-year-old winger told the Birmingham Evening Mail.
"With my contract up in the summer I'm not naive enough to be unable to read the signals.
"I am actually enjoying it since the gaffer came in. The training under him and Mark Bowen is excellent and I feel really sharp.
"The atmosphere around the place is very good and very professional.
"But as for actually playing football I've become frustrated and if I'm not in regularly here, then it looks as if my future is elsewhere."
Macca has battled back from breaking his leg on three occasions but his last appearance in the first team was in the Boxing Day fixture at Sheffield Wednesday.
"I have to look at the positives," said McCarthy. "I have come back and played again so my career is not over.
"One of the annoying things is that when I suffered the first break I had been flying for four months," he said.
"I was at the right age to peak, I felt really good, so what happened was very hard."
"I certainly don't feel sorry for myself," McCarthy added. "I've not been robbed of my profession, it's just frustrating that I worked so hard to come to a big club like this one.
"And I don't feel bitter towards the gaffer or anyone else here.
"Decisions have to be made and it appears one has been made about me.