Wasim has a contract, and a benefit, with Lancashire next year. But after he was ruled out of almost all of this season with a serious shoulder problem, Lancashire made the decision to approach Warne.
The Aussie leg-spin ace is keen to play in county cricket next summer, and Sussex have already offered him a six figure contract.
Lancashire stressed today that there is no question of Wasim's benefit not taking place. So they are faced with the prospect of paying both Wasim and Warne - which could be an expensive exercise.
Wasim was at Old Trafford yesterday and although he accepted Lancashire's position, he stressed that he is confident of being fit to lead Pakistan this winter - and to play for Lancashire next summer. He is understood to be considering his position.
Meanwhile Lancashire coach Dav Whatmore admitted they had only themselves to blame for a bitterly disappointing Sunday League defeat by Warwickshire which could cost the title. Lancashire were cruising at 109-2 in the 20th over needing 220 to win with Neil Fairbrother and Graham Lloyd putting on 69 in 11 overs.
But then Lloyd was bowled trying to reverse sweep England A spinner Ashley Giles. Fairbrother couldn't hide his disgust, throwing down his helmet and gloves and staring at Lloyd as he trudged back to the pavilion.
He looked just as unimpressed when Andy Flintoff lofted a catch to long on after helping put Lancashire back on course.
Fairbrother battled on to 79 from 90 balls, his fifth Sunday half-century of the season to keep his average well over 50. But eventually the burden of carrying Lancashire's victory bid single-handed grew too heavy even for him as he was caught behind off veteran seamer Gladstone Small going for another big hit. And after that Lancashire went down tamely by 21 runs.
``It was very disappointing because it was a game we should have won,'' said Whatmore. ``But we lost silly wickets at crucial times.''
Lancashire had started brightly with two early wickets for Peter Martin helping reduce Warwickshire to 53-4.
Martin returned to complete figures of 3-32 and maintain his position as the leading Sunday wicket-taker with 25, keeping him on course for a £5,000 pay-out.
But Warwickshire recovered through half centuries for Dominic Ostler and Trevor Penney against some erratic Lancashire bowling.