The Wolves captain was taken off with an ankle problem during his side's 0-0 draw at Birmingham City in the FA Cup third round.
"Roger rocked his ankle on Friday [in training] and, as he landed, he did it again," said McCarthy.
"He wanted me to give him five minutes but, having done it twice, there was no chance.
"I would not take that risk. Damage your ligaments you could be out for a month or six weeks - but he's fine."
Wanderers travel to Tottenham Hotspur in the league next Saturday.