Hunt was subject to huge interest from McCarthy in the January transfer window, however the Tigers resisted the temptation of a £5million bid as they looked to the Irish winger to spearhead their survival campaign.
Hull eventually suffered relegation to the Championship and their parlous financial situation - involving debts of around £35million - means the Humberside outfit are looking to offload the sought-after midfielder.
McCarthy refused to comment on any renewed interest in the 28-year-old, but revealed he is still looking to recruit in the close season.
McCarthy told the Birmingham Mail: "Since we were linked with Hunt I thought Jarvo (Matt Jarvis) went on to have a terrific season.
"But we're still looking for players and I've always said I'd like two players for every position. That's what you want - to have competition everywhere."
The Wolves chief has already been busy since the season's conclusion, splashing out £6.5million on striker Steven Fletcher from Burnley and signing Jelle van Damme from Anderlecht.
The purchase of Fletcher gives McCarthy more attacking options to toy with for the new campaign and the former Republic of Ireland boss said he was happy to have the chance to play one or two men up front in a flexible system.
He added: "Kevin Doyle can play up front on his own and so can Steven. Doyler's played wide left and wide right as well. Whatever shape we play those lads can give us a bit of flexibility.
"I'd like to play with two up front if we can. We played 4-4-2 for a lot of the season. We went to Spurs and Everton and played 4-4-2 and got good results, and at Stoke as well.
"It's the same as all this talk with England and playing in all the different systems - they should be able to do that. It's nice if you've got players who are flexible to play in different ways and are quite happy to do it."
McCarthy's other recruit, ex Southampton left-back van Damme, will be looking to prove himself capable in the Premier League after a stifled experienced with the Saints during the 2005 season.
The 26-year-old helped Belgium out Anderlecht qualify for the Champions League last season but opted to make a move to the Midlands and McCarthy hopes the defender's attacking intentions can add to goal scoring efforts of Doyle and Fletcher.
"He's a good footballing left-back and he scored six goals in the play-offs towards the end of the season," said the Molineux chief. "If we can add goals from other positions it will be great for us.
"Jelle's a little bit older, who's had a taste of Premier League football a few years ago, and will bring a bit more experience to it. He could have played in the Champions League with Anderlecht next season but he's chosen to come here."