Both north London sides are embarking on heavy summer investment, with Spurs already bringing in Ivan Perisic, Yves Bissouma and Fraser Forster, and are expected to add Richarlison, Djed Spence and others in the coming days and weeks.
Arsenal, meanwhile, have wrapped up a deal for Gabriel Jesus and have also signed youngsters Marquinhos and Fabio Vieira, along with goalkeeper Matt Turner from the MLS. Lisandro Martinez from Ajax is another target.
Both have battled over the same signings this summer, with Spurs initially showing interest in Jesus and the Gunners reportedly turned down by Richarlison. Youri Tielemans is another linked with both clubs.
But it is Spurs, in the Champions League, who offer the best package for transfer targets, says Warnock, who believes manager Antonio Conte is a clear draw over Mikel Arteta.
He tweeted: “As a player, I would say Spurs are more attractive a club to join than Arsenal. There’s a lack of leaders at both clubs and neither can guarantee trophies.
“The difference is Conte, who gives Spurs that edge, real leadership and he is a born winner. Thoughts?”
Well, there you have it. If it wasn’t clear already, Warnock has confirmed the power shift in north London.