It was revealed last week that the R's had made a bid for the wantaway Saints man, offering Latvia international defender Kaspars Gorkss as part exchange.
"We need a wide player, obviously (former player) Wayne Routledge looks like joining Swansea, and we've been looking at Jason Puncheon," Warnock told London24.
Puncheon spent loan spells with Millwall and Blackpool last season after finding himself pushed to the fringes of the then npower League One side by teenage starlet Alex Chamberlain.
The 25-year-old returned to the south coast this summer but did not go on the club's pre-season tour to Switzerland and has not been given a squad number.
"He's someone who has done really well, he's exactly the sort of player I like, he's pacy and direct, someone with something to prove, a player with a bit of hunger," said Warnock. "We need players like that at QPR this season.
"He's a player we've been looking at, so now we need to see what happens in the next 10 days or so."
As well as Puncheon, Rangers look set to wrap up a deal for striker DJ Campbell this week after Blackpool accepted a bid thought to be in the region of ?£1.25million.
Reports also suggest Warnock is also considering a loan move for Manchester City defender Nedum Onuoha, and the veteran boss admits he hopes to strengthen his backline before the end of the transfer window.
"We're still looking and we have a couple more targets," he added. "I'd say we need another defender, not necessarily a wing-back but certainly a defender to make up the numbers."
Source: PA
Source: PA