"I know all about Vardy from when I was at Sheffield United, and I've always liked him" the Daily Star quotes Warnock as saying. "We used to play his non-league team every close season and I tried to sign him a year or so ago, but Leicester got him instead.
"He has a great willingness to score goals and the pace to worry any defence. He cost around £1m, and that seems a bargain now.
"I'm delighted to see someone like him come through. So often this league is all about the established stars, so it's nice a player like him is doing so well. It proves it is never to late to make it, or that you are too old."
Warnock's Palace side take on Leicester at Selhurst Park later this afternoon.