Leeds United have had a series of controversial owners in recent years.
Massimo Cellino has previously admitted that he would be willing to listen to offers for the Yorkshire club, but there has not been much interest.
Leeds fans launched a bid to try and takeover the club last year, but they were unsuccessful in their attempts.
Since, there has not been much outside interest in purchasing Leeds, with Cellino still in charge.
And Warnock said: “It’s the biggest club I’ve ever managed by a mile. You don’t realise how big it is until you turn up there.
“I’m just surprised that there’s been nobody substantial wanting to buy it. I don’t dislike Cellino, I’ve met him a few times.”
Leeds have endured a series of controversial owners, with Ken Bates, GFH and Cellino all dividing the fan base.
As a result, the Whites have been starved of success in recent times and they have not returned to the Premier League since they were relegated in 2004.
Leeds have been stuck in mid-table in the Championship throughout the duration of Cellino’s time at the helm so car, but the Italian has outlined his ambitions to see the Yorkshire side compete for promotion next season.
Cellino has promised to part-refund Leeds supporters for their season tickets, if the Whites fail to make it into the top six next term.