Rangers may be backed by mega-rich owners Bernie Ecclestone, Flavio Briatore and Lakshmi Mittal but Warnock has laughed off a potential swoop for Liverpool's England international.
'I see we have been linked with Joe Cole but I doubt we could afford a quarter of his wages,' said the QPR boss.
No go: Neil Warnock has poured scorn on a move for Joe Cole (left)
'What we have here is perceived money. I don't think anyone wants to splash out fortunes.'
And Warnock has warned Hoops fans that the Hoops' first season in the top flight for 15 years could be a money saving exercise.
'I think the Premier League will be a great league to be in, and I think the owners will really enjoy it, but they will want me to be as thrifty as I have been in the Championship, getting value for money and entertainment as best as we can without spending millions.
Thrift shop: Warnock (centre) has told QPR fans not to expect a raft of big-name signings
'I can't see them throwing money around with 18,000 crowds. I don't think they want to be self-sufficient, as that is difficult, but they don't want to be throwing money around stupidly,' he told the Evening Standard.
Instead, the likes of Portsmouth midfielder Michael Brown and Fulham forward Zoltan Gera seem more realistic targets.
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