The Bafana all-time top goalscorer said he wasn’t interested in an offer to return to the country, adding it would make sense to coach in Europe now
McCarthy, though, said while the project would have been good, the timing was just not right for him to join the Urban Warriors.
He added that he is not going to accept any job for the sake of returning to the dugout.
“If it’s the right club, the right chairman and owner, someone I can work with then sure, I’ll be up for it,” McCarthy told BBC Sport.
“But I’m not just going to take a job for the sake of taking it if it’s not the right move for both parties.
“The Ajax Cape Town job was probably mine if I wanted it. I had a few discussions with the club’s CEO Ari Efstathiou – we had great conversations.
“The project could have been good but the timing wasn’t right for me.”
McCarthy, who had his fifth child last year, said it would make sense at the moment for him to get a coaching job closer to his family, who are based in Scotland.
However, he will not limit himself to Europe, and said he would accept offers from outside the continent if they suit him.
“As much as I’m South African at heart being closer to my family is very important to me,” he continued.
“Given all the time I spent playing in Europe, I know the football culture and the mentality there.
“It would make more sense if my next move would be a European club whether it’s in Portugal, the Netherlands, Belgium, England or Spain, which I doubt because people of my colour don’t get to coach there.”
“But I won’t limit myself to Europe because if the right offer comes from anywhere in the world I would be happy to take it.”