Nuno Espirito Santo's side are currently four points clear of Cardiff in the table, and they appear to be in formidable form, sweeping aside any team that stands in their way.
The Welsh outfit have been equally as impressive as the Black Country side this term though, and are currently in the midst of a fine run of form that has seen them win four of their last five Championship outings.
And Warnock, who took over at the Cardiff City Stadium in October 2016, responded to a question asking him if his side were capable of catching Wolves, as quoted by Bolton News:
"It's doubtful because I would imagine they will spend another £20m in January if I'm honest. But they've done it right and they play great football – I've watched some of the stuff they've played."
Whether Wolves do in fact spend the kind of money that the Cardiff boss suggests they will remains to be seen, but even if they don't, they will still be incredibly hard to catch.
Next up for Warnock's men is a home game against Norwich City tomorrow night, and they can close the gap between them and Wolves to just one point with a victory, with Nuno's men not playing until Monday night, when they head to Birmingham City.