The 63-year-old has admitted that he was on the verge of moving to Molineux before Leeds chairman Ken Bates offered him the hotseat at Elland Road.
"I would have taken [the Wolves job]. I wanted the opportunity to keep them up," says Warnock.
"It was an opportunity but when I went to speak to them I was driving there and the chairman rang me. He didn't want to interview me. He just said 'come over and join us.'"
Leeds begin their Championship campaign against Wolves on Saturday.