The talented midfielder joined Leeds on loan last month, but he is due to return to his parent club on Wednesday.
"I'm going to talk to Ross himself and David Moyes. He wasn't in the starting lineup on Saturday so I'm going to have a chat with them," Warnock told the club's official website.
"I'm sure we'll decide over the next 24 hours. He has done well, he is a good young lad and he is going to be a top player one day.
"We'll have to wait and see, not just on Ross but on our targets as well that we are trying to bring in. We are still trying to get a wide player. That's why I had the conversation with David when I knew that he wouldn't be starting against Wolves and we agreed to talk on Tuesday morning."
Barkley has made four appearances since arriving in January.