The Wolves boss, who steered his side to a win at Liverpool in 2010, believes that it will be difficult to repeat last season's success after the return of the club's captain further boosts their strong start to the season.
"To get a win at Anfield was fabulous," McCarthy is quoted as saying in The Sun. "It was one of the results of last season.
"But they've got some fabulous players and they started the season superbly.
"Gerrard is just a magnificent player. For him, I'm pleased. It's great to see him back but I'd rather he wasn't playing against my team. I don't want Liverpool being any better than they already are. They're a top team."
Gerrard made his return to the pitch in the Carling Cup at Brighton in midweek, where he had a 15-minute run out.