Warnock's side, who have struggled to mount a serious promotion challenge, have saved their best form for the cup competitions this season and have already beaten Southampton and Everton in the Capital One Cup and latterly Tottenham in the FA Cup to set up an intriguing fifth round clash at the Etihad Stadium.
"According to the bookies we're at 33-2 in a two-horse race," said the 64-year-old. "I don't think many people are going to put any money on us.
"But the FA Cup is such isn't it? It's such a great competition. It would be a major upset if we went there and won, but we're looking forward to it.
"I don't think many people, when the team sheets came out, gave us much chance against Tottenham or Everton, but it's a little bit more difficult with it being at the Etihad as well.
"They'll be right up for it and I would imagine they'll want to try and win the tie early doors so they can relax and enjoy themselves."