Taarabt, 23, played an integral role as the Hoops won the Championship last season, and his stellar performances earned him the Football League Player of the Year gong.
But, unfortunately for QPR, the Morocco international's showings also attracted the attention of the world's top clubs and Taarabt, who joined the West Londoners from Tottenham, claims he has been "in contact with Arsenal and Chelsea".
Paris Saint-Germain are also reported to have tabled a £13.5 million offer, which is sure to appeal to the homesick playmaker.
"He is missing his family in Marseille," Warnock told the London Evening Standard. "If we get a big offer from a club in France that obviously gives him a chance to be closer to them. That would be a big pull.
"PSG have made an enquiry and they obviously offer him the chance to be nearer to home, although there is a Spanish club being mentioned as well.
"As far as his talk of wanting to go to Chelsea or Arsenal, I know he has a lot of friends at Arsenal.
"Flavio Briatore [QPR's co-owner] is dealing with the negotiations. He is keeping me informed of the situation and at this precise moment he won't be leaving because no one has met the asking price."