The 22-year-old attacker has gained experience during a number of loan spells since the start of his professional career.
He was sent out to Wycombe Wanderers in 2008 and has since had three separate loan stints with Milton Keynes Dons.
Balanta has impressed each time and is regarded as an exciting prospect for the future at QPR, but he remains some way down the pecking order at the current time.
It is understood that a temporary agreement is set to be reached with Yeovil to allow Balanta to get some regular football under his belt.
Yeovil will be delighted to bolster their attacking options if a deal can be finalised, as they look to push on and secure promotion from League One.