The 30-year-old teamed back up with Owls boss Dave Jones when he joined Wednesday in August and made 14 appearances, scoring one goal.
Jones confirmed earlier this week that he would not be looking to extend Bothroyd's stay at Hillsborough, while QPR manager Harry Redknapp is keen to boost his firepower as he looks to mastermind the London club's Barclays Premier League survival.
Bothroyd, who spent over two years at Cardiff from 2008 while Jones was in charge of the club, has not featured for the Owls in their last seven matches and scored his solitary goal for them in the 1-1 home draw with Leeds in mid-October.
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