McCarthy wants to make Mancienne his sixth signing of the summer, after the 22-year-old spent last season on loan at Molineux.
Chelsea are yet to decide whether or not to allow the centre back to leave Stamford Bridge, either on loan or permanently.
"I've been asked about Michael Mancienne, but we've done business and signed a centre half in Steven Mouyokolo," McCarthy said. "I can't hang around waiting for decisions to be made that might be negative ones."
"I could lose the ones that I've been looking at so I don't know what will happen with that one (Mancienne). There might be more signings and we're still looking."
Mancienne also had a previous loan spell with Wolves, playing a key role in the club's promotion from the Championship at the end of the 2008-09 season.