Although Warnock would prefer to stay at Anfield and fight for a Liverpool place, with competition for places so tight the defender is keeping his options open.
Coventry manager Eric Black would like to make the move permanent after Warnock's performances this term.
"Eric Black has told me he wants to sign me but obviously nothing can be done because I don't know the situation up there. It is not a nice situation to be in for either party but we have just got to get on with it."