The 38-year-old, who was also in the running to manage national side Wales before Ryan Giggs got the job, has spent the majority of his post-playing career working with Cardiff's youngsters.
Warnock has got to know Bellamy during their 16 months in South Wales, and the experienced custodian has tipped the former Newcastle United, Liverpool and Manchester City striker to succeed in the world of management.
"He has all the attributes. He has been coaching now for a while. He was disappointed I think not to get the Welsh job," he told reporters.
"I think it's great - players going into lower division clubs. I think it is fantastic because you have got to learn the job, and I think he'll do well. I think he will be a good appointment."
Oxford are five points clear of the League One relegation zone, having won a third of their 33 games this season.