The left-back is the only player to have started all 43 of Town's league games so far this season, coming after he missed just two matches last term following his summer arrival from Tranmere.
Cresswell, 23, courted top-flight attention last summer and McCarthy is prepared for more suitors over the coming months.
"He's been excellent. He's a really, really talented full-back," the Ipswich boss told BBC Radio Suffolk. "I believe there was interest in him last year. I'm not trying to sell my players but I'd be surprised if there isn't interest in him this year."
He added: "Since November, when I arrived, he's been outstanding.
"He's a Premier League footballer in the making. He's got good pace, he's got a good left foot. He can defend, he can head it. He's not the biggest but he's a good competitor.
"We looked at him with Wolves. He's been everything I could have hoped for and he'll be attracting attention because he's a good player."
But Cresswell himself insists he is happy and settled in Suffolk as he bids to help Ipswich secure their Championship status.
"I've still got two years left on my contract. There's no reason why I'm not here long-term," he said.
"I love it down here. I bought a house last year. So there's no reason why I can't be here."
- Sports & Recreation
- BBC Radio Suffolk