The pair are best friends and were drafted together back in 2011, after growing up in South Australia.
Foxfooty.com.au believe a multi-year deal will be tabled to McCarthy, who has struggled with consistency across his career.
The 24-year-old has played 29 games since being drafted, although 19 of those came in 2016, his only season playing more than four games.
The Lions are understood to be interested in McCarthy regardless of his ties to Neale, although they certainly understand luring the Cat could aid in their chase for the Docker.
Neale reportedly met with Lions coach Chris Fagan last week, and his future at Fremantle currently hangs in the balance.