McCarthy, who has brought in six players this summer, insists he needs to off-load players before he can make any further additions to his squad.
Mancienne has spent two loan spells at Molineux, operating as either a central defender or a holding midfield player.
He is reported to have asked for a transfer and would cost Wolves around £4million if they pursue their interest.
McCarthy has often spoken of his admiration for Mancienne but said: "I guess people should ask their (Chelsea's) manager Carlo Ancelotti whether we should read anything into the transfer request.
"If I was reading anything into it, I suggest he wants a transfer! But that's the first I've heard about it.
"I'm not looking at signings at all at the moment.
"We need to lose some players rather than take any more in and certainly won't do any more business unless anyone leaves."
Mancienne has also been linked with Malaga, Sevilla and Sporting Lisbon in recent weeks but it is still not known if Chelsea will agree to his request to leave Stamford Bridge.
Mancienne initially linked up with Wolves during their promotion campaign in 2008-2009 and rejoined them at the start of last season.