The 24-year-old, who made the switch to Portman Road from Colchester United in January, has made just two substitute appearances for the Tractor Boys this season and is now deemed surplus to requirements.
Wordsworth had been linked with a return to his former club, although U's manager Joe Dunne dismissed the suggestion when questioned.
With former Wolves winger Hunt now signed on a pay-as-you-play deal, McCarthy admits that Wordsworth may be heading for an exit in order to play regular football.
"The issue now is that I might let Woody (Wordsworth) go out on loan if I can," he told the Ipswich Star.
"He needs games. If I do that then he (Hunt) can play on the left and Tabby can play on the inside."
McCarthy also cleared up his previous claim that Hunt would not be signing for Ipswich despite training with the club upon his release from Wolves.
"It wasn't really a budget issue before," he explained.
"I had Tunners (Ryan Tunnicliffe) and Tabby (Jay Tabb) on the left, Ando (Paul Anderson) and Carlos (Edwards) on the right; I had four strikers, four central midfielders.
"Basically the squad was balanced and I just didn't need him."