Doyle has scored eight goals and generally impressed for Wolves this season following his £6.5million move from Reading last summer.
He has been watched by a host of clubs over the last few months and was last weekend linked with a £10million move to Arsenal.
McCarthy is naturally hopeful that Doyle will remain at Molineux, but he accepts the decision could be taken out of his hands.
He said: "We can dress it up but we all know how football works and I've said
it to everyone.
"Doyle is a Wolves player but if Manchester United, Manchester City or Liverpool come hunting him, I'd have a real problem.
"That's the way it goes, just like if I go looking for someone else,
they'll be saying 'Wolves are coming, it's a Premier League club.'
"Doyle fits into that process exactly the same as anyone else. If a big enough club comes and asks, it's difficult for anyone - it's
the way of the world.
"Fernando Torres and Steven Gerrard might leave Liverpool - are we and Doyle oblivious to all that? Not everyone is for sale but sometimes you just can't stop it."
Despite his concerns, McCarthy is confident that Doyle will still be at Wolves for the start of next season.
He added: "He looks after himself - he hasn't got any
agent and no one is nibbling my ears about him, he's terrific."