The mercurial midfielder has endured a tumultuous summer at Loftus Road and was not included in their 18-man squad for the opening Sky Bet Championship game of the season against Sheffield Wednesday.
Taarabt was linked with a move to Paris Saint-Germain over the summer but now appears set for a quick return to the Premier League after suffering the heartache of relegation last season.
The talented Moroccan playmaker was brought to England by Jol in the first place as a teenager when the Dutchman was in charge at Tottenham.
Taarabt only made a handful of starts for the White Hart Lane club, instead twice going out on loan to QPR, who he eventually joined on a permanent deal in 2010 for a fee in the region of £1m.
Jol confirmed the news at a press conference after the Cottagers drew 1-1 with La Liga side Real Betis on Monday evening.
"We agreed everything with the club so the only thing we have to do is a medical," Jol said. "If that is sound and good, he will join us. The medical will be tomorrow (Tuesday).
"I like his creativity and, of course, sometimes it comes off when he scores a lot of goals and I think he was involved in 40 goals [during the 2010/11 Championship promotion season].
"It is like Dimitar Berbatov - sometimes these fantastic talents will be blamed but I hope to find a way to gel him in together with the boys we've got.
"I think he can do a hell of a job for us because is a tremendous player on the ball.
"I have known him now for a long time. When I was at Hamburg, I wanted him but thought the money Daniel Levy asked for was too much. Then I went to Ajax and I thought it was too much for a player that never played.
"Then I was too late after that because he went to QPR, where he did ever so well. Remember the fact he was an over £10m player 12 months ago, so I think you have to take them when they are bad and hopefully he will show his potential here."