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A spokesman for Paul Stretford's Triple S Sports and Entertainment company said: "Contact has been made between QPR and us as Harry Redknapp's representatives.
"Talks will be beginning shortly."
Redknapp's name has long been linked with the managerial position at Loftus Road as Hughes continued to fail to get the best out of his big-name players at the club.
But it is understood no contact was made until after Hughes was sacked earlier on Friday.
As well as being unable to guide QPR to a league win this season Hughes had struggled to pick up results since replacing Neil Warnock as manager back in January.
Rangers won only eight games in all competitions under the Welshman and it was reported Hughes rejected the chance to resign from his position in a meeting at the club's training ground on Monday.
QPR owner Tony Fernandes consistently came out on Twitter to back Hughes but the 3-1 home defeat to fellow strugglers Southampton last weekend appears to have been the final straw for the board, which released a statement this morning confirming the end of Hughes' tenure.
The statement read: "Queens Park Rangers Football Club has today (Friday) terminated the contract of manager Mark Hughes with immediate effect.
"This decision has been taken after careful consideration by the Board of Directors, following numerous meetings over the last few days.
"The Board of Directors wish to thank Mark for his commitment, hard work and dedication in his 10 months in charge. Mark has shown integrity and professionalism throughout his time here, but ultimately the circumstances we find ourselves in have left the Board of Directors with very little choice but to make a change."
The sacking comes just 24 hours before QPR travel to face Manchester United at Old Trafford and the board seem to have acted quickly in contacting former Tottenham boss Redknapp to replace Hughes, something they stressed was of importance.
"The Board will now be working actively to put a new managerial structure in place as soon as possible," the statement continued.
"Mark Bowen and Eddie Niedzwiecki will take charge of the R's trip to Manchester United in the Barclays Premier League on Saturday afternoon.
"The club will be making a further announcement in due course."
Redknapp, 65, took charge of Spurs when the club were bottom of the table and ended up guiding the north London side to two fourth-place finishes during his spell at White Hart Lane.
Since being sacked as Spurs boss in June Redknapp acted in an advisory role to Bournemouth and was also recently linked with the vacant post as manager of the Ukraine national team.
It is understood representatives of Redknapp had held talks with the Football Federation of Ukraine but it now appears Fernandes has acted quickly to tempt his first-choice to Loftus Road.
When asked by the BBC whether he will be a guest of the club at QPR tomorrow, Redknapp said only: "We will have to wait and see."
After facing the Red Devils Rangers' next three league fixtures all come against sides in the bottom six.
A trip to Sunderland on Tuesday is followed by a home game against Aston Villa and a clash with Wigan at the DW Stadium.
If Redknapp takes charge he will face back-to-back matches with two of his former sides in January with a home game against Spurs on the 14th preceding a trip to West Ham five days later.
Owner Fernandes later tweeted about the decision to sack Hughes.
"Though we have a change the long term vision of the club remains and much good work has already been done and will continue," he wrote.
"This is a club where the chairman and shareholders look at all things in a long term view. But also take the views of the fans who are the most important constituents of the club. To us fans come first."
QPR chief executive Philip Beard was giving little away as he left Loftus Road on Friday night.
Asked by Sky Sports News if Redknapp would be the man to succeed Hughes, he said: "It's too early to say. But we're going to work hard to make the right decision for QPR and the fans.
"A difficult decision has been made, now we've got to focus on finding a successor."