McCarthy is to join Shamrock Rovers manager Roddy Collins in a White Collar Boxing tournament in New York City later this year with the proceeds going to charity.
The event is the brainchild of Cathal O'Grady, a former Olympic and professional boxer, and current Irish national coach who runs the website whitecollarboxing.ie.
"Roddy, of course, is Steve's brother yet surprisingly has had no real boxing experience. But I knew that Teddy had a bit of fascination with the sport and wanted to get back in shape and do something for charity at the same time.
"I remember watching Teddy play when I was a child and he was something of a hero for me and he certainly is a fantastic fellow."
Since its inception in 1988 white collar boxing it is the fastest growing corporate contact sport in the world. The premise is simple males over the age of 18 sign up and train like professional boxers for eight weeks before fighting a bout in a ring.
O'Grady said the event has been very successful in Ireland with a University Professor, an accountant and a builder amongst those set to compete in New York and in Dublin later this year.
"Teddy and the lads will go into training on September 6 and will train like pro boxers for eight weeks. Everything that a pro fighter would have, they will have. We have organised trainers, a sports psychologist, a nutritionist, all the gear, everything they need. They will train three times a week collectively and obviously will be doing their own work as well.
"Teddy will then head to the US on October 23, and will meet with the likes of Gerry Cooney the original "Great White Hope", Tracey Patterson two-time world light welter weight champion and fight guru Brian Burke.
"After that he will train under Teddy Atlas, Mike Tyson's old trainer before fighting in the world famous Gleasons gym under the Brooklyn Bridge against a corporate banker around October 27."
According to the website: "Our expert matchmaker will pair you with someone of similar strength, weight, experience and ability.
"Each white collar contest lasts for three 1½ minutes rounds and boxers have head guards and 18oz gloves as opposed to 10oz used in conventional boxing.
"Safety is paramount in white collar boxing but I guarantee the experience to be no different than centre stage in Caesar's Palace, Las Vegas. After the fights there will be a post fight bash in Jack Dempsey's bar in midtown Manhattan."
McCarthy and the Irish fighters will then return to Dublin a week later for another fight in the Citywest Hotel.
"White collar boxing is the only sport in which you can experience the adrenaline rush of being a world champion without being so.
"For those brave enough to climb through the ropes the experience will be at best a life altering, and at worst a roller coaster ride like no other."
And O'Grady admits that Collins and McCarthy are just the first sportsmen to be part of his revolution.
"We are talking to a couple of more former sports people at the moment and I think we will certainly build on this."