Samir Nasri has revealed he is ready to open talks with Manchester City about extending his stay at the Etihad Stadium.
Blackburn have signed young defender Michael Keane on loan from Manchester United for the remainder of the season.
Benayoun, who has played for West Ham, Liverpool, Chelsea and Arsenal in the Premier League, has agreed a deal until the end of the season.
Rangers manager Harry Redknapp believes the Israeli midfielder will give his squad an added attacking option.
"Yossi is a good footballer, a top-class player," he told the club's website.
"He's got great ability and is someone I have always liked. I actually tried to take him to Tottenham at one time.
"I think he will be a fantastic addition to the squad.
"We have got a lot of fixtures coming up over the Christmas period and in the New Year, so we are going to need a good squad of quality players for that."
Benayoun, who could make his debut against Blackpool this weekend, added: "I am delighted everything is done and am very pleased to join QPR.
"I have been training here for two weeks and now I can't wait to get involved and help the team.
"The manager was a very big factor for me. He showed me from the beginning that he really wanted me, and he is someone I have always wanted to play for so I am very happy.
"I have played in the Premier League for the last eight years and I enjoy England very much. The Championship is also a great league and I am looking forward to playing in it and helping QPR build on a great start to the season."