McCarthy will hold talks with Sharp this week, although the midlands side have not yet had a bid for the 21-year-old hotshot accepted.
But in reality, if Sharp decides his future is in the gold of Wolves there is little Scunthorpe will be able to do to keep him.
"The fact we have got Andy Keogh here could be the deciding factor, I know the thought of having the opportunity to play with him again appeals to Billy," McCarthy told the Express & Star.
"Billy Sharp has scored the goals in League One on a regular basis and we have got his playing partner here - everyone knows they have got a great record."