Although Warnock is out of contract and has expressed his desire to play with Carlton next season and beyond, Bailey said Melbourne was not out of the race yet.
"Robbie has already made the decision that Carlton is going to be his preference, so be it," Bailey said at the NAB AFL Draft Camp on Thursday.
"But trade week is next week and you never know what might happen.
"All sorts of things happen in trade week – it's like the Bermuda Triangle."
Melbourne made a pitch to Warnock, the younger brother of Demon defender Matthew, towards the end of the 2008 season to join the red and blue next year.
