McCarthy has been spotted watching Newcastle reserves (must be nice for him to see some good players once in a while) and journalists have put two and two together and claimed that Caldwell and Bradley Orr are off to the Stadium of Light.
But the former Republic of Ireland boss told the Northern Echo: "I go to watch Newcastle reserve games, I go to watch reserve games for all the Premiership sides.
"It's just watching games and looking at players who are available. I'm not commenting on any of those players.
"If the need arises I might give a club a call and ask them for a player on loan. But it would be difficult at the moment because I would be trying to entice players here but not to play."