Shepherd appeared to confirm reports that McCarthy is signing on for the daytime talk show when TMZ caught up with her at Los Angeles International Airport, declaring that she's "excited" about McCarthy coming aboard.
ABC told TheWrap the network has no announcment to make at this time.
Shepherd also predicted that McCarthy will "cause some stuff" on the program.
"Jenny McCarthy is fearless. She's like amazing," Shepherd said. "She'll cause some stuff, so I'm excited about her. But I've been with Elisabeth for almost eight years."
"The View" experienced a major shakeup this week, when resident conservative Elisabeth Hasselbeck departed the show for a gig on Fox News Channel's "Fox & Friends" this fall. Joy Behar is also exiting the show, and Barbara Walters announced earlier this year that she's retiring in 2014.
Shepherd told TMZ that she's "really depressed" about Hasselbeck's departure.
Watch Shepherd discuss McCarthy here.