Sky Sports News understands QPR are expected to approach Neil Warnock to take over from Gareth Ainsworth, who was sacked as head coach early on Saturday evening.
Ainsworth departed the club after they were beaten 2-1 at home by leaders Leicester.
Warnock managed QPR for nearly two years between 2010 and 2012 and led them to promotion to the Premier League in his first full season.
He has been out of work since leaving Huddersfield Town a little over a month ago.
QPR have lost 10 of their 14 league matches this term, with the defeat to Leicester leaving them 23rd in the Championship.
Ainsworth’s assistant Richard Dobson has also left the club following the loss to the Foxes.
QPR said in a statement: “Gareth Ainsworth has departed with immediate effect. We’d like to thank Gareth for his commitment, desire, passion and professionalism. He’ll always be welcome in W12.”
QPR CEO Lee Hoos added on the club’s official website: “Making a call such as this is never easy, and it is even more difficult when you have such respect on both a personal and professional level for the individuals concerned – which we all do for Gareth and Richard.
“Many supporters have told me in recent months that they have never wanted someone to succeed more than Gareth, which is an indication of the fondness everyone associated with QPR has for him.
“Unfortunately, results this season haven’t gone the way we all wanted and we feel a change is necessary.
“Gareth has been a pleasure to work with from the moment he arrived and I am truly sorry this has not worked out as we all had hoped.
“On behalf of the board, I wholeheartedly thank Gareth for his commitment, desire, passion and professionalism. We all have the utmost respect for him, and he will always be welcome here.
“We understand the importance of appointing a new head coach quickly and an announcement on this will follow in the coming days.”