The Premier League side bid for the Wales striker before the transfer window shut, but McCarthy says Wolves never came close to meeting Cardiff's valuation.
"I'm delighted to keep him. I am sure he would have been interested in playing in the Premier League," McCarthy said.
You don't want to lose a player who scored 20 goals the season before.
"Of course he was interested in playing in the Premier League, but there was no offer that came in that was anywhere near the club's valuation.
"The value to me, the team and the players is immense, he's been fabulous for us."
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