The Molineux club won the League One title last season to secure an immediate return to the second tier.
McCarthy, who is now manager of Ipswich Town, believes that the momentum gained from last season's promotion will stand Kenny Jackett's side in good stead.
"It won't be any easier. I see Wolves as a threat as they totalled over 100 points and [Jackett] has put a good, young team together," McCarthy told the Express & Star.
"He's re-signed 'Stears' (Richard Stearman) as a bit of experience in the team, but they're a big club with big support and they will be a threat."
McCarthy guided Wolves to the Premier League during his six-year spell in charge at Molineux.