The former Wales international was appointed Wolves manager in January after he had decided to leave his role with Doncaster Rovers, who are in pole position to be promoted to the Championship.
However, even if the clubs swap divisions, Saunders is adamant that he couldn't have turned down his current employers.
"Seeing what [Doncaster] have done just gives me more belief because what I did there was right and it gives me more belief watching them. I'll be proud if they get promoted," the Express & Star quotes him as saying.
"Would I regret the decision to come to Wolves if they go up and we go down? No. I couldn't turn a club like this down. I don't think many people could."
Wolves are currently 23rd in the Championship standings, two points from safety.