Liverpool are the latest club to be linked with a summer move for Jarvis, who made his senior England debut against Ghana in midweek.
Wolves boss McCarthy has no desire to offload the former Gillingham player, but he is a realist and knows it will be difficult to resist a major bid for the 24-year-old, saying: "If a top-four club comes in, offers unbelievable amounts of money for him, he wants to be a regular in the England team, and he can do whatever he wants with his salary and his career and can progress, it becomes very difficult."
He added: "The other scenario is we go 'no chance, we've stayed up, we are adding to the squad, we are going to do this or that'.
"There is no suggestion of him being for sale or anyone else for that matter but it's football.
"Who thought Fernando Torres would be sold for £50million and Andy Carroll for £35million?
"No one is not for sale. That is complete and utter gobbledegook. Let's deal with it like adults. There are certain scenarios you just cannot stop.
"Jarvo has been here and done nearly five years. He has been wonderful for us."
Source: PA
Source: PA