McCarthy joined Palace in 2008 from London rivals Charlton in 2008 representing the Eagle's senior team over 150 times.
Since Crystal Palace were Promoted to the Premier League a troublesome groin injury has limited McCarthy playing time to a few cup appearances. The Irish defender has made just two Capital One Cup appearances this season but is delighted to have committed his future to the club.
McCarthy spoke to reporters:
“I'm delighted, it gives me a bit of security and allows me to remain settled at the club,” he said.
“I've worked my socks off over the past couple of years to get back fit and I'm really pleased to be out on the pitch in amongst the action."
The 31-year-old McCarthy previously played for Boston, Notts County and Leicester, as well as the Republic of Ireland at B level. Despite McCarthy's limited match time, insiders at Selhurst Park have described him as a natural leader in the dressing room which may have played a crucial role in Warnock's decision to extend his contract.