Warnock, who managed Derry at three different clubs, believes that the 35-year-old is ready to take up his first managerial role.
"I think Shaun's an excellent choice and Greg has lots of experience – I think it's a good partnership," Warnock told the Nottingham Post.
"I think he's ready for management. He is well thought of by the fans at Notts as well. He's enthusiastic and he knows the game inside out. He always showed an interest in going into management when he was playing for me.
"He would pick my brains about all sorts of things, from tactics, training and managing players. He ran the show on the pitch for me for many years as my midfield general and I'm sure he will do well as a manager."
Derry played for County between 1995 and 1998.