Blackburn were the last side outside the Red Devils, Blues or Gunners to win the league in 1996 but Spurs can move level on points with current leaders Manchester City if they overcome Wolves at White Hart Lane.
McCarthy said: "Spurs are genuine title contenders. People say it's all about 'can you believe you can win it' when you get to the last six games.
"But they've got great players and I'm sure Harry Redknapp will be trying to add to that this window, also keeping everyone fit and making sure they all stay on the pitch.
"If they do, then, yes, they are a genuine contender for the title and it would be refreshing for someone else to win it.
"It would be a good thing and it does all get a bit boring when the Premier League is won by one, two or three teams and no-one else gets a sniff outside of those teams.
"It might put a bit of pressure on Harry on whether he wants that England job or not if he wins the league!
"But they are a fantastic side and as good as anyone in the top three or four."
Former Republic of Ireland boss McCarthy believes Redknapp would be ideally suited to replace Fabio Capello as England head coach next summer.
He said: "I'd like to get into his head about it now and upset him for Saturday and see if I can put him off!
"Seriously, it's a wonderful thing to do being an international manager.
"With the experience and wisdom of someone that has been a top manager for so long, Harry is more than well equipped to do it."
McCarthy will take heart from Wolves' performance when beaten 2-0 at home by Tottenham in early September.
He said: "Until they scored, the game was evenly balanced and they had just lost a couple of matches.
"Had we scored, I think we would have gone on and won it the way we were playing and it would have done them a whole lot of damage.
"But they got the goal, played well for the last 15 minutes and have gone on to produce some fabulous performances, no more so than against Everton the other night which I watched. They are a fabulous team."