The flying winger has been out of the side but is chomping at the bit to return, although he will probably have to wait until the reserve clash with West Ham next Tuesday.
"Michael's training with the first team squad," McCarthy told the club's website.
"He's nowhere near playing (for the first team) and he won't be involved on Saturday.
"He had an hour here in a game on Tuesday and it was lovely to see him involved - he's a terrific footballer, a really talented individual.
"Some of the things he did were great, but he's still not ready to play."
Wolves last week