Hleb has spent the first half of the season on loan at Wolfsburg from Barcelona, but the Bundesliga club will not be extending the arrangement.
The Belarus schemer has endured an injury-hit spell at Wolfsburg and had been linked with a switch to QPR to help regain his fitness.
However, Warnock has played down speculation he wants to add the 30-year-old to his squad as he plots his New Year transfer activity.
"I read that one the other day," said Warnock in The Sun.
"There's no truth in it. I would struggle to say his name in the team talk!"
Hleb has struggled for form and fitness since leaving Arsenal for Barcelona in 2008 after spending three years with Arsene Wenger's side.
He took in a loan spell at Birmingham City last term, but injuries hindered his prospects of making an impact at St Andrew's and he is likely to be looking for another club when the transfer window reopens.