The 31-year old left-back has returned to parent club Aston Villa following his three-month loan at the Reebok Stadium and prior to his last match for the club - Saturday's 5-4 loss to Peterborough United - Freedman said he wanted to again employ the services of the ex-Liverpool and Blackburn Rovers man.
"The ball is firmly in Stephen's court and if he expresses any interested in staying then we will certainly look at it," Freedman explained in his pre-match press conference. "Until that time we are kind of snookered. He is a loaned player and he will go back to Villa after Saturday.
"Stephen has done fantastically well for us, we feel that in and around the place and on the pitch that he has been fantastic and we would like to look at that situation if Stephen would.
"We have said to Stephen that he needs to be comfortable with his decision, see if he has enjoyed it and he will go away and think about it over the next couple of weeks.
"I am sure he will have a nice Christmas and he will let us know how he is feeling in January. If he tells us that it is all positive then we will go to the board and try to explain why we should do something."
Warnock joined Bolton from Villa on September 21 and made 15 Championship appearances for the Trotters.