The Gulls have sacked Paul Wotton following a 5-0 home defeat to Chelmsford.
They are still fourth in National League South, but have only picked up one point in their last five games.
Warnock has been working as a football advisor at Torquay, one one of his former clubs.
Over a 45 year managerial career, he has managed 18 different clubs, with his first being Gainsborough back in 1981.
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