The England Under-21 international, who can play both in defence and midfield, enjoyed a productive stay with the West Midlands club over the past two seasons, helping Wolves to the Championship title in 10 appearances during 2008/2009 and then spending the full campaign as McCarthy's side retained their top-flight status.
However, McCarthy - who put the majority of his squad through their paces as they returned for the start of pre-season today - admits it all depends on what plans Carlo Ancelotti has for the promising 22-year-old.
"If Chelsea say he is available then we would have an interest," McCarthy said.
"Until they clarify what their plans for Michael are, it is very difficult to comment.
"We think the world of Michael at this club. He is a good player, he knows the set-up and he is a popular lad with the squad."
McCarthy added in the Birmingham Mail: "I think Michael's future depends on what home-grown players Chelsea bring in because they have a balance to strike.
"It is not like going to Tesco and taking tins off the supermarket shelf - as we all know, getting the right players in is very difficult.
"The biggest issue is where Chelsea see Michael's future."
McCarthy has been busy adding to his squad this summer, with some £15million spent to bring in the likes of Jelle van Damme, Steven Mouyokolo, Steven Fletcher and Stephen Hunt.
French centre-back Mouyokolo, who moved from Hull, is relishing the challenges ahead as Wolves prepare for their opening match of the 2010/2011 Premier League campaign at home to Stoke on August 14.
"I have signed for many years here and need to settle in and adapt which I will try to do as soon as possible," the 23-year-old said.
"I think I will, and it is good to have the pre-season because that is important to make sure I am ready for the first game.
"I am here involved with the squad and will do my best to be in the starting 11.
"It will be good to be here working with Mick McCarthy and the other players who have done very well over the last couple of seasons.
"So it will be tough to win a place in the team, but I will just give my best and work as I hard as I can."