QPR are looking to sign Kolbeinn Sigthorsson from Ajax, while they want a quick decision on Loic Remy's future.
Chelsea boss Jose Mourinho says Romelu Lukaku's attitude was the reason he let the striker move to Everton.
The 26-year-old is one of a handful of survivors from the Hoops side that secured the npower Championship title in 2011.
However, Faurlin has now left Loftus Road to join Palermo, according to the Serie A club.
"Palermo Calcio have acquired the rights to QPR player Alejandro Faurlin," said a statement on the club's official website, www.palermocalcio.it.
"The midfielder moved to Sicily on a temporary basis with the right of redemption in favour of our club."
Faurlin is one of a number of players to leave QPR this month, along with the likes of Anton Ferdinand, Djibril Cisse and Rob Hulse.
Ryan Nelsen is also set to leave on Friday to become full-time head coach of Toronto FC in Major League Soccer.