Following the dismissal of Neil Warnock by Tony Fernandes, former Wales and Manchester City manager Mark Hughes as emerged as the favourite to take over at Loftus Road.
Hughes left Fulham last summer, activating a release clause after just one season, believing he had taken the club as far as he could without significant investment.
The Welshman made it clear that he wanted a club with ambition and it is believed he could be interested in the Queens Park Rangers project and the plans that are in place, which appear to have significant financial backing.
Fernandes wants to invest heavily in the current transfer window and also in the summer and it is thought that there were serious concerns as to whether Warnock could attract the right calibre of player.
Also in the running for the job, according to Betfair, are Gianfranco Zola, Rafa Benitez, while Steve Bruce and Sven Goran Eriksson remain outside bets.
QPR hope to have a new manager installed by the coming Sunday.