The midfielder, who is on loan at Molineux from Arsenal, was accidentally kicked in the face by Aston Villa captain Stiliyan Petrov on Saturday afternoon.
Initial reports had claimed that the 20-year-old was facing a three-month spell on the sidelines.
However, McCarthy has revealed that he expects Frimpong to take part in training on Friday.
"I think Manny will be fine," said McCarthy. "He's off for a couple of days but was at the hospital again yesterday with the doctor and will see a specialist on Thursday and I expect him to train on Friday.
"I haven't seen him but spoke to him yesterday and spoke to [Doctor] Matt Perry yesterday and there is no damage to his eye.
"He's got a bruised face and that will be checked out on Thursday to make sure it's okay."
Frimpong has made three appearances for Wolves.