Crystal Palace manager Warnock tried to sign Lescott from Wolves in 2006 when he was still in charge at Bramall Lane.
However Lescott failed a medical before joining Everton soon after and is now on the verge of a reported £24million move to Manchester City.
"I hope my old chairman at Sheffield United is looking at that transfer because I tried to buy him for £3m off Wolves and they wouldn't let me have him because of his knees," Warnock told the News Shopper.
"He couldn't pass a medical and it was too much of a gamble, but I think he has missed about three games in three years.
"It was just before he joined Everton because they came in when there was nobody else offering."
Source: Team_Talk