The 24-year-old Scotland international has scored six times in 10 Premier League appearances this season and has recently been linked with a move away from Wolves.
“He’s a Premier League player scoring goals so he’s going to get headlines. Players always do when they’re scoring goals,” McCarthy told the Express & Star.
When asked if he felt the in-form striker would be a transfer target, McCarthy said: “No. If I say yes then I’ve suddenly put him up for sale haven’t I? So, categorically, no.
“All Fletcher can do is play and score, for his career here and his Scotland career.
“He’s still only a young man, so all he can do is keep playing well and scoring. It’s a great feeling as a footballer to be playing well.
“He’s a very good player, he’s excellent. It’s his all-round game, but as with all strikers it’s his goals that top his performances off.
“And he wants to score. He loves scoring.”