The 35-year-old centre-back, who has been capped 81 times by England, is a free agent, having not been offered a new deal when his latest Manchester United contract expired at the end of last season.
Ferdinand and QPR were unable to reach agreement on an original deal but a revised offer has been made and it appears that the experienced defender will now be heading to Loftus Road after all.
Having begun his career at West Ham, Ferdinand moved to Leeds in 2000 before joining Manchester United in a £30m deal in July 2002 which made him the most expensive British footballer in history at the time.
He went on to make over 300 appearances for United, winning six Premier League titles and the Champions League in 2008.
Ferdinand previously worked under current QPR boss Harry Redknapp during his time at West Ham and his brother Anton played for the west London club between 2011 and 2013.
QPR secured a return to the Premier League when they beat Derby 1-0 in the Championship play-off final and are now looking to strengthen their squad ahead of the new season.