The 74-year-old manager is open to discussing the vacant role at Hillsborough, talkSPORT understands, following the sacking of Xisco Munoz.
Warnock spent eight years as manager of Wednesday's fierce rivals, Sheffield United, between 1999 and 2007 in which he led the Blades to the Premier League before suffering relegation the following year.
The veteran boss is renowned as a specialist in guiding under-performing teams to safety - something that makes the Owls a potentially perfect destination.
After being promoted from League One last term, Wednesday are yet to win in 10 Championship fixtures and hold just two points as they sit rock-bottom of the table.
One man who knows Warnock better than most is Sol Bamba who was captain under him at Cardiff City, before also being signed by the boss when he joined Middlesbrough.
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According to the ex-defender, a move to Hillsborough would be right up Warnock's street.
Asked if he still has something to offer, Bamba told talkSPORT.com: "100 per cent.
"This kind of job, with all due respect - he knows what I mean by that - he loves them.
"He loves the challenge when Sheffield Wednesday haven't won a game and are bottom of the league.
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"He'd go there and galvanise them if he goes there. It'd be perfect for him.
"He's still got the drive - he loves it. That's just him, he misses it when he's not on the pitch or at the training ground or in a game, he misses it and it's credit to him.
"He's 74 years young and he just loves it so much.
"I think it'd be a perfect appointment - even if it's not Sheffield Wednesday, he will come back and get a job. He'll 100 per cent get a job."
Asked if the rivalry could be a stumbling block, Bamba added: "It wouldn't stop him.
"I think with the rivalry between the clubs I'm sure that some of the fans wouldn't be happy but with the predicament that Sheffield Wednesday are in - trust me - I don't think there's a better manager than Neil Warnock to come in and get you out of trouble.
"I'm sure that the fans would understand that.
"You've got die-hard fans who won't have it because he's a Sheffield United man, but that won't bother him.
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"He'd love the challenge and would want to go in and do a job.
"I don't think it'd bother him and I think it would be a really good appointment."