Tony Fernandes' takeover at Loftus Road last week has given Warnock extra money to spend in the transfer window, and the Rangers boss can now afford to pay a greater portion of Cole's wages.
The former Chelsea midfielder has been linked with a loan move to Loftus Road after failing to make an impact at Anfield last season, although his wage demands have been reported as the major stumbling block. Cole is currently on £90,000-a-week at Anfield, but with Liverpool reportedly willing to continue contribute to that figure, Warnock is hopeful of reaching an agreement with Cole.
But despite confirming that he is looking to bring in "four or five" new players before the end of the transfer window on August 31, Warnock insists he will not splash the cash unnecessarily.
"We will not just spend money for the sake of it," Warnock said. "We have to get quality players into the club. Joe Cole? We can probably afford 30 or 40% of his wages now. The chairman knows all my targets and we are discussing them.
"This man coming in, Tony Fernandes, is a dream come true. You do not often get the opportunity to look at players I have only dreamed about. I am in Utopia."