Mancienne has impressed McCarthy with his versatility, slotting in at left-back, right-back, central defence and, most recently, in central midfield since joining Wolves on a season-long loan.
But McCarthy has made no moves to try to lure Mancienne, who will turn 22 this week, away from Stamford Bridge for good.
When asked if the move could become permanent, McCarthy said: "We have never discussed that.
"We took him on loan and whether I would like or him or not, it has never been discussed.
"I think it is wrong to have a quote from me saying 'I would like to sign him'.
"In fact, there isn't any transfer news. None at all."