The 24-year-old goalkeeper has been linked with a string of clubs including Swansea City, Liverpool and Manchester City.

The Chronicle understands a move worth around £5 million to Premier League champions City was a strong possibility earlier this summer.

However, it failed to materialise and Rangers boss Harry Redknapp is said to have nipped with an initial £2 million bid yesterday (Wednesday).

Royals are likely to reject that offer, but it seems McCarthy is certain to leave the Madejski Stadium before the August transfer deadline after conceding the number one jersey to rival Adam Federici.

Reports now suggest McCarthy is set to have a medical at Loftus Road before the weekend.

With Mikkel Andersen also waiting in the wings, Royals are eager to cash in on McCarthy, who has one year left on his contract.

And while Federici is delighted to be back between the sticks, the 29-year-old Australian admits there may not be room for three quality goalkeepers in Nigel Adkins’ first-team squad.

He said: “Yeah I’m over the moon with it. I couldn’t quite believe it the other week when I was told I would be playing.

“It was been a very tough year, especially with it being a World Cup year as well.

“It was a lot of hard work but I’ve had to fight for the number one spot before and I’ve done it again, so I look forward to playing as many games as I can for the club.”

He also stressed: “Alex is a very good keeper. We’re both good keepers but we have our different qualities. He is a fantastic keeper and I love working with him and enjoy the competition that we have. It’s rare that any club in the Championship has two keepers, but we have three.”

Meanwhile, Adkins is not giving up hope on adding more new players to his squad before Sunday’s deadline having already signed Oliver Norwood, Anton Ferdinand, Simon Cox and Jamie Mackie.

Reading have been decimated by injuries and were missing 11 first-team players on Tuesday when they won 1-0 at Adkins’ former club Scunthorpe United in the Capital One Cup.

Manchester United’s 20-year-old attacking midfielder Nick Powell, who spent last season on loan at Wigan Athletic, is being linked with the Royals.

Norwich City striker Gary Hooper is also believed to be attracting interest along with QPR midfielder Karl Henry.

Reading could now look to use McCarthy as a makeweight in a deal to bring Henry, 31, to the Madejski Stadium.

Adkins said: “We had a long period without positive activity on the transfer front, then we brought in four players. I’d like to think we’ll still be active, in fact I know we are being active, but you’ve still got to get them over the line.

“Conversations are being had, we’re looking to keep improving the group which is important.”