The big Scot is scoring goals for fun at City and has given McCarthy food for thought.
McCarthy said: "I haven't decided yet - I've sent him out to get some games. It might be that we let him stay, it might be that we bring him back."
Bristol City boss Gary Johnson admitted: "I love big Chris to bits and I'd love for him to stay. He told me Mick was here to see him, and I'll be having a chat with him later in the week.
"Wolves know how we feel, but the situation is out of our hands."