Taarabt was a star performer for QPR last season as the club clinched promotion to the Premier League after finishing top of the Championship table.
The Football League Player of the Year's displays have caught the eye of several top clubs in Europe, and it has been widely reported that Paris Saint-Germain are close to securing his signature.
However, the Moroccan has hinted that he could remain at Loftus Road, despite the speculation that an exit to affluent PSG is in the offing.
"We're talking with Paris Saint-Germain, but nothing is done,'' he told BBC Sport. "We're very close, but if no deal is reached then I will play for QPR in the Premier League."
Warnock is desperate to hold onto the 22-year-old but accepts that a sooner exit would benefit the club so he can weigh up his squad before the campaign gets under way.
He told Sky Sports News: "(QPR co-owner) Flavio Briatore is dealing with all the transfers at the moment. He's dealing with PSG and Adel himself.
"I've just got to wait until he tells me one way or another. It would be nice to get it done because we've got to look and plan ahead.
"If he is going to leave us the day before the season starts we're going to be right in the cart so we've got to get it done.
"Adel wins games for you. He would set the Premier League on fire. I am hoping things break down if I'm honest, but I think if they come up with the money then I am sure he will be on his bike.
"There is nobody like Adel Taarabt but you've just got to move on. It's hard work to get players in anyhow.
"I don't think I'll be getting any of the money, I think we have just got to look for Bosmans and look for shrewd acquisitions, loan players etc.
"Try and do it on the smallest transfer fee outlet there's ever been. We'll be trying to survive on that and that will be another achievement."