Donaldson enjoyed a spell on trial at Loftus Road last month and he is thought to have impressed QPR boss Harry Redknapp.
Redknapp is now ready to push through a deal for the Scotland Under-19 international to try and beat other clubs to Donaldson's signature.
The 18-year-old has caught the eye for Livingston this season and is regarded as one the best young prospects in Scotland.
Donaldson's agent, Jim Sherry, has confirmed the two clubs are in talks and is hopeful a deal can be struck.
"The two clubs are in talks and Queens Park Rangers are very keen to sign Coll," Sherry told Sky Sports.
"Coll did well while on trial down there and Harry Redknapp wants him on board.
"A number of clubs have shown an interest in Coll, but QPR are in pole position to get him."