Rs chairman Tony Fernandes revealed plans to move the club from Loftus Road as there is "no option of expanding" at their present home.
The new stadium would be built as part of a "major regeneration" of the Old Oak area, with plans for the creation of a residential and commercial precinct larger than Canary Wharf.
QPR first used Loftus Road in 1917 and a proposed move is likely to spark a backlash from some fans, but Fernandes believes the project would cement the club's place in west London.
He told Sky Sports News: "It was something that was at the forefront of my mind when I came in. People thought we were taking a step backwards when we got relegated. But this is a long-term project - we are all very committed as shareholders.
"We have been looking around - despite the problems we had on the pitch - to look for a stadium because we think that Loftus Road is unsustainable in the long term. We were extremely lucky that we found this wonderful piece of land not far from Loftus Road.
"It's a huge £5billion development. QPR has been a very community-focused club. We now have the ability to build a nice township which would benefit many of our fans, and to build many business and leisure facilities. It's fantastic that we are able to build a stadium as a centrepiece and also help regenerate a part of west London."
Fernandes is confident that the club can fill the stadium when it is built, provided they have success on the pitch.
"I come from a business which is about putting bums on seats," he said. "I started with two planes and now we have 150. If we get the right product, we are in a wonderful part of London and the transport infrastructure that the government has got planned will only enhance connectivity to QPR.
"If Harry (Redknapp) produces a good team, which it looks like there is every chance he will, I believe we can fill that stadium."
London Mayor Boris Johnson recently announced that turning Old Oak into a new world-class city quarter was one of his main regeneration priorities.
QPR's chief executive Phillip Beard said: "We look forward to working with the Mayor and local authorities and we will, of course, be consulting our loyal and passionate supporters, as well as the local community, on our exciting plans early next year.
"We will look to build a stadium QPR fans and local residents can be proud of.
"Loftus Road is renowned for its atmosphere and with the help of our supporters, replicating that at our new stadium will be one of our top priorities."