The experienced defender's fate could rest on the outcome of QPR's promotion bid.
Were the Loftus Road outfit to secure a return to the Premier League at the first time of asking, those who helped the club to get over that particular line would likely be rewarded.
That would see Hill handed fresh terms, with boss Harry Redknapp eager to retain his services.
The 35-year-old is, however, aware that anything could happen from this point, and he will put any future thoughts to the back of his mind until the end of the season.
Hill said: "We will see. I've been here for a number of years and I have great affection for the club.
"You just get on with it and we are all concentrating on getting this club up.
"It would be an honour to stay and, if not, I will leave with my head held up high."
With QPR currently sat third in the Sky Bet Championship, 10 points adrift of the automatic promotion places, Hill added: "We have been waiting for the top two to have a difficult period, but it's not happened.
"The main objective is to win promotion - if not automatically, then hopefully through the play-offs."