The highly-rated shot-stopper has been sidelined for four months following shoulder surgery.
However, he made his competitive return to action this week and could now be recalled with third-choice Stuart Taylor currently in possession of the starting role as Adam Federici is also sidelined.
Now Adkins has the option of recalling McCarthy for the trip to Arsenal.
Adkins told the Reading Post: "We've got excellent goalkeepers here at Reading and I'm really pleased about that.
"The competition for places we have there will be great."