The answer is clearly given in the Net::Telnet manpage section on the waitfor method: 
$ok = $obj->waitfor([Match   => $matchop,]
                    [String  => $string,]
                    [Timeout => $secs,]);

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In reply to Re: disable pattern match timeout - Net::Telnet by archon
in thread disable pattern match timeout - Net::Telnet by gravitron

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