However, having played under current Blackpool boss Holloway at Bristol Rovers, Mauge believes that the 49-year-old would be more suited to the club than McCarthy.
"I told people at Ipswich Town that Ollie was the man for the job when Jim Magilton left and I did the same when Roy Keane left. Just look at how his career has gone from strength to strength since then – they have to go all out to get him this time," Mauge told the East Anglian Daily Times.
"It's pretty clear that Ipswich need a man-manager and believe me, as someone who played under him, there is no-one better than Ollie in that respect. He knows when to give his players a rocket and he knows when someone needs an arm around their shoulders.
"He's worked superbly on small budgets throughout his career because his big strength is getting the best out of his players."
Blackburn Rovers are also said to be interested in Holloway's services.