The former Playmate is due to pose nude for the July/August cover of the adult magazine.
People reports that McCarthy revealed during an interview on Today that she does not plan on baring all for the editorial.
She said: "What's everything? I mean I grew out a bush so nobody sees anything."
McCarthy, 39, also added that she has no qualms about returning to the magazine which helped launched her career.
"I figured [I'd do it] one more time before everything really falls apart. Why not? And [my son] Evan's tuition was really expensive this year."
The Love in the Wild star did not comment on the recent public feud between her and former boyfriend Jim Carrey.
However, she did acknowledge her new romance with Chicago Bears linebacker Brian Urlacher, admitting: "I think I might be [in love] - almost."