Bought by Blues from Vale for £1.5million in September 1997, McCarthy returned to action from a second broken leg last season but was unable to command a regular first team place.
Sheffield Wednesday took the former Northern Ireland international on loan for a month last season but haven't followed up their interest.
Vale manager Brian Horton said: "He looks fit and I have told him he can have half a game with us.
"It may help Jon and it may help us, but whether it will lead to anything remains to be seen."
I, along with most Blues fans I'm sure, wish Macca every success in his quest to find a new club.