Rovers tried to tie the highly-rated forward down on fresh terms, and his £60,000 per-week wages frightened off Mike Ashley.
Blackburn's elegation was always likely to undermine their efforts, and Hoilett has opted to move on.
The 22-year-old was reported to be on his way to Germany at one stage, with Borussia Monchengladbach believed to be leading the chase for his signature.
Hoilett has, however, taken the decision to remain in English football.
He is believed to have agreed terms with QPR and is all set to become the latest new recruit at Loftus Road.