The 32-year-old has been beset by injuries in recent years and was released by relegated West Ham at the end of last season. However, Dyer looks set to been given another chance to shine in the Premier League by Rangers after reportedly agreeing personal terms on a one-year deal.
"As far as I'm concerned it's a gamble worth taking," Warnock told the London Evening Standard. "He really impressed me in training and it looks like he has been working hard on his fitness throughout the summer. He has a lot of experience and is desperate to play in the Premier League again."
He added: "I like the hunger he's got and he wants to prove a point. I really appreciate his commitment. There were other clubs in for him and he could have earned more money elsewhere, but he wants to play for QPR.
"He wanted to stay in London and I think he can really help us. As far as I am concerned, we can't lose.
"We have protected ourselves. If things don't go well then we can always go our separate ways, it's a deal that suits both parties."
QPR confirmed the signature of Jay Bothroyd on a three-year deal on Wednesday and are believed to be in talks with Blackpool striker DJ Campbell.
Warnock is also hopeful on tying up a deal for promising Tottenham right-back Kyle Naughton, whose development he witnessed while at Sheffield United.
"We have a great relationship with Spurs and we tried to sign Kyle in January before he went to Leicester," added Warnock.
"We can give him Premier League experience and help him develop in the same way Kyle Walker benefited from being on loan from Spurs at at Aston Villa."
Source: PA
Source: PA