Haifa said late on Friday that Benayoun, who last week made a record 95th appearance for his country, will rejoin the club he played for early in his career.
The 35-year-old midfielder has spent the last 12 seasons in Europe, playing for Liverpool, Chelsea, Arsenal and West Ham before joining QPR in December last year.
He spent four seasons at Maccabi Haifa early in his career, winning two Israeli league titles before transferring to Spanish club Racing Santander.
Benayoun told the club website the players and staff "can bring back the great days of Maccabi Haifa."
Haifa had a disappointing 2013/14 Israeli Premier League season, finishing fifth, 31 points behind champions Maccabi Tel Aviv.