The Wales international has enjoyed an impressive campaign on loan at Portman Road, finding the net 11 times and setting up a further nine to lead the Tractor Boys' scoring charts.
Lawrence, who is soon to enter the final year of his contract with parent club Leicester City, has been linked with numerous Championship and Premier League suitors, and McCarthy is not expecting him to prolong his Ipswich stay.
"No chance, I don't think," he is quoted as saying by the Ipswich Star when asked about his side's prospects of keeping him in place. "For one I think Tom will have his heart set on the Premier League and I think that he'll get that.
"If they were to sell him I think there would be a lot of takers. Tom has been brilliant, we've all loved him, everybody has really appreciated what he's done, but I think he's got his heart set on Premier League football – and why wouldn't he? We've got no chance."
Lawrence has also spent time on loan with Rotherham United, Blackburn Rovers and Cardiff City since joining Leicester in 2014.