Warnock has fallen out of favour at Villa Park since the arrival of new manager Paul Lambert, and is currently training with the youth team.
The Trotters were linked with a move for the former Liverpool defender before the transfer window closed, and Coyle did not hide the fact that a loan move could still be a very real possibility.
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“Stephen Warnock is a player I’ve always liked, I’ve got to say that,” he told The Birmingham Mail. “We tried to do something before the deadline with him and it never materialised.
“I don’t know if that’s been regurgitated or whatever.
"There’s no doubt he’s a very good player and a good lad but, again, if we’re doing anything as regards loan market finances will dictate everything we’re trying to do.
“The loan market is an avenue that’s open to us and its something we always look at but I think it would be wrong to say we’re close to signing any individual player at this moment in time.”
Warnock was brought to the Midlands club by former boss Martin O'Neill, but fell out of favour under Gerard Houllier.
His return to the first team under Alex McLeish was curtailed when Lambert took over in the summer, and a move away from the club now appears inevitable.