The Manchester United winger will return to Villa Park for the first time since he completed a switch worth around £16 million to the Premier League champions in the summer.
Warnock added that he expected Young to receive a good reception from the home crowd.
"I think Ashley will go down as a modern day great for Villa," he told the Daily Mail.
"I wouldn't expect anything less than a good reception for Ashley from our fans.
"He was a great servant to the club but it's not often the Premier League champions and Champions League runners-up want to sign you."
The full-back added that he thought Young would grow into a world-class player given the opportunity to compete in the Champions League.
"We're a club who want to progress but Manchester United are at the top and Ashley has aspirations to be a top, top player," he said.
"He has the ability to be one of the best in Europe and I don't think fans can begrudge him that.