The former Crystal Palace boss feels even Championship transfers are getting out of hand in the wake of Manchester United spending a world-record £89million to bring Paul Pogba back to the club from Juventus
Manchester City made John Stones the most expensive ever defender when they paid Everton £47.5million this week, while the average Premier League transfer now costs over £10million.
Warnock's biggest buy at Palace was £5.5million on James McArthur from Wigan in 2014 and he believes there is no stopping the inflation of fees.
"It's bound to do because of the money the Premier League is generating," said the ex-Sheffield United manager.
"You talk to some of the players and the money they are going for is scandalous
No disrespect to the likes of Ross McCormack who I had at Leeds and has now gone to Villa but £14million is astronomical.
"I remember when Trevor Francis went for £1million which was unbelievable and now it's almost £100million.
"They will be paying £500,000 a week soon to (Lionel) Messi or someone
These people who spend the money don't do it willy-nilly though, they have strategies about what this player could earn them off the field as well as on the field
"But I'm not saying they'll be worth it because they are only human and can get bad injuries."
The 67-year-old is out of work since leaving Rotherham in the summer having saved the Millers from relegation in the Sky Bet Championship after taking over when they were three points from safety in February
He would welcome the chance to answer an SOS call from Hull, although the Tigers look like appointing caretaker manager Mike Phelan, but expects to return to football this season.
He said: "I would manage Hull tomorrow
Hull is in the Yorkshire area, the fans appreciate hard work and they have a decent squad
They have had a few problems with injuries but I would guess they have someone already lined up because you can't be leaving it much longer.
"I'll go somewhere this season
They don't come knocking until they are struggling
I usually get the job when others get the sack."
Warnock was speaking at the launch of TalkTalk's Armchair Managers Association where he gives advice to fans on how to cope with the new Premier League season, which starts on Saturday.
He said: "To be an armchair manager is not too dissimilar to what I do when I'm on the bench
I watched a game with a mate of mine last season and it made me laugh, I told him what I did and had my omelette at 9am in the morning because i couldn't eat after 10am as I got too nervous and he was exactly the same."
Neil Warnock has been appointed to launch TalkTalk TV's new Sky Sports Season Pass
With no long-term commitment, TalkTalk customers have access to six Sky Sports channels, from as little as £11 a month
To find out more visit: TalkTalk.co.uk.
Source : PA
Source: PA