The Gunners are thought to be lining up a £12million offer for the forward, who played a key role for the Midlanders last season, scoring eight goals to help them retain their Premier League status.
Arsenal manager Arsene Wenger reportedly has Doyle in his sights as he prepares for the expected departure of key players such as Cesc Fabregas and Samir Nasri this summer.
Wolves could struggle to keep the Republic of Ireland international, who is halfway through a four-year contract, should the North Londoners come knocking with a substantial bid.
However, Molineux chairman Steve Morgan recently indicated the club are set to offer a new and improved deal to Doyle, a £6.5million arrival from Reading in 2009.
And manager McCarthy, while refusing to be drawn on the rumours linking Doyle with an Emirates move, insists the 27-year-old is happy where he is.
He told the Express & Star: "I can't tell you anything except what was in the papers and I'm not going to comment on some speculative story.
"What I can tell you is that Doyle loves it here.
"He enjoys coming here to work every morning, and we love him here and we enjoy him coming to work here every morning.
"That goes for everyone else as well and that will remain the same until anything different happens."