Newcastle's second-string host their Blackburn Rovers counterparts in the Premier League 2 on Friday evening (kick-off 7pm BST) as O'Carroll, who joined United's Academy from Scottish Premiership side St Mirren on Tuesday, looks set to take charge of his new side for the first time.
McArthur, who signed for the Magpies from hometown club Kilmarnock in the summer of 2022, thinks the Irishman's recent arrival has benefited the group ahead of the league clash at Whitley Park.
The teenage centre-back, who has captained Scotland at under-19 level, told newcastleunited.com: "Since Diarmuid has come in, it's brought a new buzz to the place and the boys have all been keen to impress. We want to bring our best performance on Friday and hopefully get a win for the new gaffer.
"You alway want to impress but you then want to go out and get the victory for him because it'll be his first game and he will want to win.
"With him working at first-team level as well as with Northern Ireland, I think that can really benefit me and I'm looking forward to the challenge playing under Diarmuid and I know he'll get the best out of us.
"Since we've come back for pre-season, training levels has been strong amongst the group but, since Diarmuid has come in, we've all lifted it even more."
McArthur, who made his senior debut for Kilmarnock as a 16-year-old in October 2021, fractured his fibula in the latter stages of the 2023/24 season before making his first start for United's under-21s since May in an EFL Trophy clash against League Two side Bradford City earlier this month.
The young Scotsman expressed his delight in returning to competitive action in recent weeks and, now fully fit, is determined to gain a consistent run of fixtures with United's youngsters.
The 19-year-old added: "I just want to play games - it's the best thing you can do. I want to play and win as many games as possible and go from there, trying to improve during the season.
"I'm buzzing to be back and starting games. This is what I've been waiting for and I've tried to take the chances when I've come in. I need to keep on going, get my head down, work hard and see where it goes from there.
"The days when you are struggling with your injury and thinking you're not going to get out of this, they are the ones that make it even better for when you do come back, believing that I'd get on the pitch and back to my best self."
Admission for Friday's Premier League 2 visit of Blackburn Rovers is free for Newcastle United season ticket holders, otherwise it's £3 for adults and £1 concessions.
The game will also be streamed live, for free, on the Official Newcastle United App, which can be downloaded on the App Store or Google Play.