The Limerick-born trio's first track - 'There's no one as Irish as Barack Obama' - was an internet sensation and landed them a gig at the US President's 2009 inauguration.
They are to return to America for a repeat performance at Obama's second inauguration in January, but are also busy recording their homage to McCarthy, who took over at Portman Road last month.
Lead singer Gerard Corrigan has explained that the song has come about due to a chance meeting with McCarthy during his time as the national team manager.
He said: "We are great sports fans, and we like to write sports songs, our 'Rory McIlroy world number one song' had a big impact in the USA earlier this year but we have a particular admiration for Mick McCarthy.
"We were staying in the same hotel as Mick and the Irish squad a number of years ago when he was still Irish manager and we met him and found him to be a real gentleman, very friendly and engaging, so we have followed his fortunes ever since.
"We are delighted he has taken over at Ipswich, a team with a rich history of Irish connections, from Mick O'Brien back in 1936 to Mick McCarthy in 2012 and we think Ipswich will be very successful with Mick at the helm."
'Mick McCarthy and the Tractor Boys' will be released on November 26.