Bradford boss Stuart McCall is keen to bolster his squad before the transfer window closes next week and has lined up a double deal for left-back Warnock and midfielder Lund.
Northern Ireland international Lund has found himself out of favour at Burton in recent weeks and has not featured in Nigel Clough's starting XI since November.
Lund was Burton's first signing of last summer when he joined on a free transfer from Rochdale, but after a bright start he has seen his first-team opportunities limited in the last two months.
Veteran defender Warnock has made 15 appearances for Burton this season following his arrival on a free transfer from Wigan Athletic.
The 36-year-old has previously enjoyed a temporary spell at Bradford in 2002 when he played 12 games for the club on loan from Liverpool.
The arrival of Lund and Warnock will provide a welcome boost to Bradford, as they look to get their promotion bid back on track after some indifferent results in recent weeks.