QPR and Al-Ittihad are understood to have agreed a season-long loan deal for Diakite, with the move subject to a medical.
Diakite is expected to travel to Holland on Thursday to meet up with Al-Ittihad at their training camp and undergo his medical.
Mali international Diakite has found himself well down the pecking order at Loftus Road and spent the second half of last season on loan at Watford.
The 25-year-old made six appearances for Watford at Vicarage Road and QPR boss Harry Redknapp is happy to let him go out on loan again this season.
Diakite does not figure in Redknapp's plans in the Premier League next season and Al-Ittihad have moved to offer the midfielder the chance to kick-start his career in Saudi Arabia.