Warnock acknowledged the injection of funds by Fernandes has given him a stronger hand to play in the transfer market over the coming days.
"We will not just spend money for the sake of it," said Warnock. "We have to get quality players in to the club.
"Joe Cole? We can probably afford 30 or 40 per cent of his wages now. The chairman knows all my targets and we are discussing them.
"This man coming in, Tony Fernandes, is a dream come true. You do not often get the opportunity to look at players I have only dreamed about. I am in Utopia."