The unemployed managers, who both impressed in trial spells on the sofa during Euro 2012, will join Gary Lineker and co on the sofa for the weekend highlights show.
Redknapp had been expected to become England manager for much of the second half of last season, but he was overlooked in favour of Roy Hodgson. He then saw his career take another wrong turn as he was fired by Tottenham in June.
McCarthy was also axed recently, his sacking coming when Wolves lost faith with him in February - though his replacement Terry Connor fared even worse.
The duo will come in to replace Lee Dixon, who joined ITV over the summer. Alan Hansen and Alan Shearer kept their jobs with the BBC, and the four pundits will rotate between Match of the Day and Sunday night's Match of the Day 2 show.