Reports earlier in the week suggested American businessman Josh Harris was set to agree a £70 million deal to take over, a move that was initially greeted with much enthusiasm from the former QPR boss.
Speaking ahead of his side's Premier League encounter with Sunderland on Monday night, Warnock insisted that although any such deal would be a welcome boost to the coffers at Selhurst Park, there should still be a number of conditions to help ensure Palace's "soul" is left intact.
He said: "The club's got a great history and I think the fans always worry about that [not being respected]. It's the same thing when you've got new stadiums but moving on that's just how it is.
"If I was a billionaire it's the type of club I'd buy because it's a football club. It's got a heart, it's got a soul, it's got passion and for me that's what football's all about and that's dwindling a little bit now.
"We get all the money that's involved which is a great thing but you can't tell me that makes it more enjoyable. I like the muck and nettles and I love Palace as a club like that, so I'm hoping they wouldn't change too much if they did come in."
One thing that does not show any sign of dwindling is Warnock's enthusiasm for the job, with the 65-year-old clearly enjoying his second spell at Selhurst Park.
He added: "It's a tough job. I think the circumstances of my arrival were difficult but the lads have been brilliant. I think most games we could have got results out of every game.
"We were disappointed with last weekend's result [a 2-2 draw at West Brom after being 2-0 up] but performance-wise we were happy. I thought there were a few game-changing moments but I thought we played very well and we've got to keep that level of performance up.
"The fans have been brilliant home and away and we've got to use the fans at home and have that freedom away from home to play like we did."
Get the best features, fun and footballing frolics straight to your inbox every week.
Thank you for signing up to Four Four Two. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.