Quinn remains hugely popular with the Sunderland fans

Quinn, 39, who spent the last six years of his career on Wearside, is trying to put together a consortium to buy the Black Cats.

He was quoted in the Irish Independent newspaper as saying: "I don't know how much they are going to look for.

"But my worries now would not be financial at this stage unless Sunderland go mad."

He has recently been linked with a buy-out of the club, whose relegation from the Premiership was confirmed on Friday, but had so far not commented.

Quinn, who retired from the game in 2002, says he will not make a formal approach until he is sure that his group have the ability to turn around the struggling club.

He added: "It is not about putting money on the table and making an offer for a football club.

When I was up there it was like being on a magic carpet when things were going well Niall Quinn

"We have to prove to ourselves before we go near any fans or any club, we are capable of running a football club.

"It is a jungle, as I have found out in the last three weeks.

"It is not a simple thing at all and that is what I am in the middle of - making sure myself and my group are capable of doing a job this club deserves.

"Until we get to the bottom of that we cannot possibly approach Sunderland.

"We want to be ready for Sunderland so every question they ask we can answer them dynamically about what is going to happen."

Quinn, who was a hugely popular figure during his time at the club, also admitted he had not ruled out taking over as manager.

Sunderland sacked Mick McCarthy in March and are under the temporary guidance of Kevin Ball.

Quinn said: "I am afraid of nothing at that football club. When I was up there it was like being on a magic carpet when things were going well.

"The emotion of the people when they are in good form and the club is going well is something to behold.

"Newcastle get 53,000 and they are a pretty big club. Everybody thinks they are far bigger than Sunderland but I know if this club goes right we will be bigger than Newcastle.

"That is what attaches to me to it. It is the potential, it is the people, it is their spirit."