Butcher's men currently sit second in the Clydesdale Bank Premier League standings - behind champions Celtic - thanks to an impressive run of results.
The Highlanders will be hoping for further success by booking their place in the Scottish Communities League Cup final but must overcome a Hearts side desperate to add to the William Hill Scottish Cup they won last term.
McGlynn was not expecting the rise of Inverness this season but admits Saturday's opponents deserve a great deal of credit.
The Jambos boss said: "I would imagine the fact they're sitting second top of the table would be quite a surprise to most people.
"In recent years, they have been up and down to a certain extent.
"You would probably half expect them to float around in the bottom six and maybe be fighting relegation every other year, which has been the case.
"So, for them to be doing so well, is great credit to them and you've got to give massive credit to Terry Butcher and Maurice Malpas and all the people up at Inverness.
"Terry Butcher must be in line for the manager of the year. Neil Lennon will be fighting him with the European thing that Celtic are doing.
"But their achievement up until now has been fantastic. Yes, I'm surprised where they're sitting right now but they're there on merit and they deserve it."