The 60-year-old Fisher last coached in 2016, when the Los Angeles Rams fired him following a 4-9 start.
McCarthy speculated Fox could tab Fisher to become its No. 2 analyst behind Troy Aikman.
Fox is looking to bolster its coverage after agreeing to a five-year, $3 billion deal with the NFL for the rights to Thursday Night Football in January. That's in addition to Fox's regular coverage of Sunday games during the regular season.
Richard Deitsch reported for Sports Illustrated this winter that Fox wasn't contractually obligated to use Aikman and play-by-play announcer Joe Buck—the network's No. 1 broadcast team—for Thursday Night Football.
That could be a role Fox envisions for Fisher given his name recognition.
At the least, his decision to entertain a move to the broadcast booth would indicate a return to the coaching ranks isn't on the table anytime soon.