The former Crystal Palace and Queens Park Rangers manager is currently third favourite to take over at Villa Park with the bookmakers behind Roberto Di Matteo and Nigel Pearson.
Warnock, 67, previously replaced Neil Redfearn as Rotherham boss in February on a deal until the end of the season and proceeded to work miracles over the club's final 16 fixtures to help them retain their Championship status.
The former Crystal Palace manager’s side were sitting six points from safety three games into his reign and looked destined for League One, but a subsequent 10-match unbeaten run saw them finish nine points clear of the drop zone in 21st place.
However, despite being offered a new deal, the Yorkshire native opted against extending his spell with the Millers and is now looking for another job in the second tier.
He had been touted as a possible candidate for the vacant role at Villa even before leaving Rotherham due to his impressive track record of earning promotion to the Premier League with Sheffield United and Queens Park Rangers, but the well-travelled boss believes the Championship newcomers have other names in mind.
New owner Tony Xia, who agreed a deal to buy the club from Randy Lerner on Wednesday, has already revealed that Roberto Di Matteo is in the running to take over at Villa Park, while Nigel Pearson has been touted as one of the favourites for the job since Remi Garde’s departure in late March [h/t Telegraph].
Speaking to Sky Sports News HQ on Thursday afternoon after seeing Xia’s first set of interviews with the UK press, Warnock said: “I saw the interview with the chairman and I think they’ve already decided who they’d like to manage the team.
“Steve Hollis and the group who’ve been there have decided who they want and it depends on what happens when the Chinese come in because they’re talking of spending £30 million.
“There’s no reason to spend that kind of money to get promotion from the Championship, but it doesn’t half help I suppose!”
At the same time, though, Warnock also warned that even spending upwards of £30 million this summer would not guarantee Villa an immediate return to the Premier League.
It’s not always a help,” he added. “Sometimes it’s a hindrance. The Championship’s one where you need team spirit, comradery and the fans behind the team home and away. You need to get characters in there.
“It’s all about knowing the division. Money’s not everything in the Championship. I think Derby have spent probably more than anybody in the last few years and still not got out of the division.”
Despite his remarks, Warnock remains the third favourite for the Villa job behind Di Matteo and Pearson at 14/1 with the bookies, but whether he will be approached about the role over the coming weeks remains to be seen.