With their strong World Cup semi-final charge followed with strong early form, skipper Warburton understands them receiving the tag but has concerns how England will feel about it.
The 23-year-old is expecting a tough task ahead for Wales and believes Martin Johnson's men, still on a 100per cent record themselves, cannot be under-estimated.
"I wouldn't say we're favourites," said Warburton.
"We still have a lot of work to do and we haven't reached our potential yet.
"If I was England I'd be quite cheesed off that we are being made favourites because they've won two out of two and now have a home game.
"I am sure they will be confident they can get a result.
"It is nice that we're getting that tag, but as a side we look no further than the next game.
"You never go to Twickenham and face an easy task. This time will be no different.
"I was thinking to myself after the game at the weekend 'I hope people don't get carried away now'.
"It's two games, there are three left and while I can imagine a few Welshmen will come out with some comments, we will not be getting carried away."