The former West Ham youngster has fallen out of favour at Loftus Road and had hoped to seal a move to League One side Wolves earlier this summer.
Ephraim joined the Black Country club on trial but a move did not materialise and he was forced to return to QPR ahead of the new Championship season.
However, with the loan window now open the winger, who is resigned to leaving QPR, says a move to Wolves could be on after all.
"I went up there for a couple of days, spoke to the manager and it went well. It could happen," he told the Fulham Chronicle. "It was a move I was hoping would happen before but for whatever reason it didn't go ahead in time.
"I'm waiting to hear whether it'll still happen and I'd be really pleased if it does. To go to a club like Wolves and play for a manager who trusts me appeals to me a lot.
"From my point of view it's just really disappointing not to be involved. I have a lot of feelings for QPR but, let's be honest, I'm coming towards the end of my time there.
"My contract is up at the end of the season and I want to play as much as possible. It's been a really frustrating time for me.
"If something happens with Wolves I'd be delighted. If not then it'll be time to explore other options. Either way it's clear I'm not part of the plan at QPR."