Saturday's home defeat by Burnley leaves Wolves, who were playing in the Premier League last season, three points adrift of safety and with a worse goal difference than Peterborough in 21st place.
They end the season with a trip to play-off bound Brighton, while Peterborough are at Crystal Palace and fellow drop candidates Barnsley are at Huddersfield, knowing even a victory may not prevent a second successive relegation.
Saunders said: "We don't have any time to waste. I'm hoping for talks with chairman Steve Morgan and chief executive Jez Moxey to find out the direction they wish to take.
"At the moment, everything is up in the air. I don't know whether I will still be manager after next Saturday's final game at Brighton - but I do know that I want to stay in the job.
"It's for Mr Morgan to make his intentions clear. So far, there have been no substantive discussions at all about what might happen next."
It has been a season of turmoil for the Molineux side, with Saunders brought in at the start of the year to replace Stale Solbakken, who was axed after only six months at the helm.
The former Wales international added: "I haven't started what I've been brought here to do. That's the frustrating part. Our situation means that sitting down to discuss budgets and transfer targets has proved impossible.
"All the odds are heavily stacked against Wolverhampton Wanderers competing in the Championship next season. I understand that but I'm prepared to meet the challenge.
"I don't try to duck any criticism aimed my way. At any company, if you are in charge when things go wrong then the flak is bound to fly.
"One thing is certain, there can be no quick fix whoever is manager. The club is locked into a losing mentality."