The Wales frontman almost joined the Rams on transfer deadline day, but they called off a move when Rob Hulse's move to Middlesbrough failed to materialise.
Whilst Derby maintain an interest, the likes of Newcastle and Boro have also been linked with the 19-year-old.
"We'll see what happens when everyone gets back from the international duty," McCarthy told the club's website.
"Sam really needs to play some football.
"There was half a chance he could have gone out last week.
"For him to develop and for us to benefit he has to play regularly.
"Sam has had a meteoric rise from Bournemouth and for him to improve he's got to play some football so there's a chance he can go out."
McCarthy also hinted that the likes of Daniel Jones and Mark Little could also be loaned out.
"We are in a good reserve league this year with fixtures to be fulfilled," Mick added.
"But those games probably aren't of much use for players like Daniel Jones and Mark Little.
"They've had a taste of first team football and need to be playing it.
"We've not had any enquiries for any of them yet but we'll see."