Warnock revealed to the local press in South London that he thought he had secured a deal for Beattie only to be scuppered at the last minute.
Speaking to the Croydon Guardian, the Palace boss said “I thought I had got Beattie today but unfortunately he is going to sign for Swansea now,” he said.
“They’ve come up with a late bid because he scored two goals last night so that’s scuppered me.”
Warnock then joked: “I want a guy who can play upfront who will come on low wages, cost nothing and score 20 goals. I’m not asking a lot.”
Beattie should complete a club record deal for the Swans potentially in time for the visit of Watford on Saturday