Numerous other high-profile names have been linked with the role, with Burnley's Owen Coyle reported to be the Trotters' favoured choice.
However, Warnock could come into the reckoning if the Clarets chief snubs Bolton's advances.
Having been at Palace for the last two-and-a-half seasons he could be persuaded to take on a new challenge, while he may also be keen to have another crack at the Premier League after his only previous experience of life in the top flight saw him relegated with Sheffield United in 2006/07.
For now, though, Warnock is looking to play down the rumours, insisting that he remains fully focused on his duties at Selhurst Park.
"I haven't heard anything about it whatsoever," he said in the Daily Star.
"I'm just going about my business at Palace."
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