The popular Argentine midfielder is a firm fans' favourite at Loftus Road, but he is not believed to be in the long-term plans of manager Harry Redknapp - who is ready to let him leave to free up space in his squad as they look to battle against relegation from the Premier League.
The 26-year-old joined the club in 2009 and played a major role in their promotion to the Premier League in 2010.
Palermo are the first club to make a move for Faurlin, but their initial bid has been rejected by QPR.
His agent Luca Cominelli confirmed to Sky Sports that he was in talks to take his client away from the club.
"Alejandro does not appear to be in the plans of the manager, and that is football - there is no animosity between anyone," he told Sky Sports.
"We are looking at the options now and we are talking to clubs on the continent, there is big interest particularly from Italy, and from all over Europe."