The 27-year-old full-back has endured another injury-ravaged campaign at Anfield, severely restricting his competitive game time.
A return to fitness has been made of late and Warnock admits he would be willing to offer a player short on minutes the chance to play his way back to full match sharpness.
Asked if he would be interested in a January deal, the Bluebirds boss said: "I know Nathaniel well, I gave him his debut [at Crystal Palace].
"But the thing about that is they [Liverpool] have had a lot of injuries and they've got to look after themselves. It's very difficult to get clubs to commit.
"He [Clyne] would be one on our list, yes. We are looking at that position."
Liverpool are enduring some of an injury crisis at present, which could impact on any decision regarding Clyne’s future.
Jurgen Klopp currently finds himself with Joel Matip and Joe Gomez, while Trent Alexander-Arnold has been added to an ever-growing list of absentees.
Clyne, therefore, has been welcomed back into the fold ahead of the Reds’ meeting with old adversaries Manchester United on Sunday.
Klopp has said: “Clyney was unfortunately injured for the last two or three weeks – nothing serious but serious enough that he couldn’t train.
“He has been in training for four days. Is he ready for 90 minutes? I don’t know. But he is ready. He is a very experienced player.”
Clyne may be required to step in during the busy festive period, with his availability during the winter transfer window is likely to be determined by how quickly his stricken team-mates return to fitness.