The 26 year old striker has been linked a number of times with a move from Portman Road over the last few weeks, but a move to Palace at least seems to be off after Warnock said his side cannot afford the former Sheffield United and Sunderland striker.
"We can't afford Jon Stead. I don't think we will be doing anything this week but we are still on lookout for a striker with [Stern] John out until the end of October." confirmed Warnock this afternoon.
Doncaster Rovers also recently were linked with a move for Stead prior to the transfer window closing, but boss Sean O'Driscoll admited the club would not be able to afford the players wages.
Click here for a player profile on Jon Stead.