If you've got or have had AOL then It's not a virus; plenty of other people have asked about it in other forums. It is though classed as Adware, hence the notification by McAfee - it's alerting to you to a Potentially Unwanted Program.
If you're not happy having this on your system try uninstalling it. I don't know if it's listed in the Add/Remove Programs list, or within your browser under Add-Ons (extensions, plugins, whatever). You could always run Malwarebytes or SuperAntiSpyware or Spybot - these programs should give you the option to remove it. Just going into c:\program files and deleting the exe files won't remove any registry entries they've set up.
Hi Hayton, yes AOL is on this machine and it is used on a regular basis. I think I will do a run with malwarebytes though just in case. Thanks!