The Uruguayan striker, a former international, arrived at the Championship club in late September.
However he managed just two substitute appearances under Harry Redknapp, stepping off the bench against Barnsley and Burnley in October.
The club's official website read: "The club would like to wish Javier all the best for the future."
Chevanton, 33, was a free agent when picked up by QPR to provide cover in attack.
The former Monaco, Sevilla and Lecce frontman had agreed a contract with the London club until December 24 but that has not been extended.