Mancienne has enjoyed loan spells with Wolves for the past two seasons, making 10 appearances during the club's 2008/09 Championship winning campaign
He returned to the club following their promotion to the Premier League last term and proved a versatile performer in making 33 appearances in all competitions.
The 22-year-old, who can also play in midfield, reportedly handed in a transfer request at Stamford Bridge over the summer and that led to speculation of a permanent move to Wolves.
However, McCarthy had stressed that Mancienne would be out of his club's price range and he would only be interested in a loan deal.
McCarthy has now managed to secure a deal for Mancienne and he could go straight into the squad for Saturday's game at home to Newcastle United.
The former England Under 21 international has made just six appearances during his Chelsea career and has not been involved in the 18-man squad for the champions' opening two league matches.
Michael Mancienne's career:
2006 - Chelsea - 4 apps (0 goals)
2006-2008 - Queens Park Rangers - 58 apps (0 goals)
2008 - Wolverhampton Wanderers - 40 apps (0 goals)
International career:
2007 - England U21 - 22 appa (1 goal)
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