The former Rangers and Nottingham Forest boss would take charge of the football team if a deal can be struck with current owner Ken Anderson, who is being urged to sell the club.
Warburton is understood to be working alongside a sports agency with British financiers and foreign money behind a proposed £25 million takeover bid.
The 56-year-old has been reaching out to players and staff to join him in the event of a deal being agreed.
Warburton has been out of management since an unsuccessful spell at Forest followed his chaotic departure from Ibrox.
A statement from Rangers in February 2017 reported that Warburton, assistant David Weir and recruitment chief Frank McParland had all “resigned their positions” but Warburton told the BBC that he had not stepped down, was unaware of the statement and was consulting his legal team.