The midfielder has made four appearances since arriving at Elland Road on 11 January but is due to return to Merseyside following Leeds' clash with Middlesbrough on Tuesday.
Warnock has revealed he is pursuing a number of other loan targets and will make a decision on Barkley once he has concluded his other business.
"I'm going to talk to Ross himself and David Moyes," Warnock told the official Leeds website. "He wasn't in the starting line-up on Saturday so I'm going to have a chat with them.
"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."