The Moroccan international is set to link up once again with Fulham boss Martin Jol, who brought him to Tottenham when Taarabt was a teenager.
Taarabt subsequently joined QPR and the talented but mercurial 24-year-old starred in the R's Championship-winning side in 2010/11 but was unable to save them from relegation last term.
Having been sent home from a pre-season tour to Devon, he was left out of the QPR squad for Saturday's Championship opener against Sheffield Wednesday and is now set to follow French forward Loic Remy out of Loftus Road on loan.
Jol said of Taarabt ahead of the medical: "I like his creativity and, of course, sometimes it comes off and he scores a lot of goals.
"It is like (Fulham forward) Dimitar Berbatov. Sometimes these fantastic talents will be blamed but I hope to find a way to gel him in together with the boys we've got.
"I think he can do a hell of a job for us because is a tremendous player on the ball."
A phenomenal talent
And former QPR coach Keith Curle told Sky Sports he thinks Taarabt could be a good addition for Fulham.
"If he has the same impact as he did for us at QPR he will be phenomenal," said Curle.
"If you look at the stats from the year we went up from the Championship, he scored something like 16 goals and was responsible for about 16 assists. Half of our goals came through Adel.
"He is a naturally talented, gifted young man.
"Sometimes his dedication and professionalism is called into question but he sees the game Adel's way and he has a phenomenal talent."