The 34-year-old former England international joined Rangers in July 2011 following his release by West Ham.
Dyer, whose career has been beset by injury, made just eight appearances in all competitions for QPR, who today opted to activate the release clause in his contract despite his goal in Saturday's 1-1 draw with West Brom in the FA Cup.
Harry Redknapp: "I'd like to thank Kieron for his services to QPR.
"If he can stay clear of injuries I'm sure there's clubs out there that will offer him the chance to play football.
"He wasn't in my plans and I think he's got something to offer someone, so we wish him all the best."
NEWCASTLE CAREER ...
Dyer was sold to Newcastle United in July 1999 for a fee of £6m, which was the record transfer fee received by Ipswich Town until Connor Wickham was sold to Sunderland AFC.
He was the only English player signed by Ruud Gullit during his spell as Newcastle's manager.
Dyer opened his Newcastle goalscoring account at home to local rivals Sunderland, but the game ended in a 2–1 defeat, which saw Gullit resign shortly afterwards.
Dyer's insolence came to the public eye in the Tyne-Tees derby, when he reluctantly came on as a substitute on the right-wing. Newcastle ended up drawing the game after twice being in a winning position. A few weeks later Bobby Robson was sacked by Newcastle.
On 2 April 2005, Dyer was involved in an on-pitch brawl with teammate Lee Bowyer in Newcastle United's Premiership match with Aston Villa and both had to be pulled apart and separated by their teammates and other Villa players.
This resulted in Dyer and Bowyer receiving red cards, leaving Newcastle with eight men as Steven Taylor had already been sent-off for a deliberate handball.
Dyer received a three-match ban for the sending-off, while Bowyer received a four-game ban and a fine of more than £200,000 – approximately six weeks' wages – after it was adjudged that he had been the aggressor.
At the start of the 2005–06 season Dyer was once again on the injured list, this time with a hamstring injury, preventing his selection for club or country.
This followed a close-season in which Newcastle manager Graeme Souness signed a number of other midfield players, including Emre Belözoğlu, Scott Parker, Albert Luque and Nolberto Solano.
Dyer returned to first-team action on 4 February 2006 against Portsmouth, Newcastle's first game following the departure of Souness.
Dyer marked his first start of the season since the opening day against Arsenal with a goal in the FA Cup fifth round match against Southampton on 18 February 2006.
Dyer became the first Newcastle United player to score at the Emirates Stadium in the 1–1 draw with Arsenal on 18 November 2006.
In what was his first start in seven months, (since the 4–1 victory over Sunderland at the Stadium of Shite), Dyer opened the scoring in the game after 30 minutes, with his first league goal for Newcastle in over 20 months.
He continued his rich vein of form, also netting against Tottenham Hotspur, Bolton Wanderers, Birmingham City, Aston Villa, AZ Alkmaar and Watford. Following his return from injury, Dyer showed his versatility by playing in central midfield, right midfield and as an attacking midfielder, supporting Obafemi Martins.
Dyer was given permission to speak to West Ham United in August 2007 after both clubs agreed an undisclosed transfer fee.
On 4 August, West Ham United confirmed that the deal had fallen through due to Newcastle's pulling out of the deal. However, the deal was rectified with Dyer finalising a move to Upton Park.
Years Team Apps (Gls)
1996–1999 Ipswich Town 90 (9)
1999–2007 Newcastle United 190 (23)
2007–2011 West Ham United 30 (0)
2011 → Ipswich Town (loan) 4 (0)
2011–2013 Queens Park Rangers 5 (0)