The 31-year-old has not had much to play for the Red Devils last season but has been a key player in the club's recent success. Park was often used as an impact player on the biggest occasions.
Park, the former captain of South Korea, joined Manchester United for a fees worth £4 million back in 2005 from PSV Eindhoven and has made 205 first-team appearances for the Old Trafford club.
QPR have announced that a press conference will be held on Monday with chairman Tony Fernandes, vice-chairman Amit Bhatia and manager Mark Hughes set to attend.
The following announcement will "put the QPR brand on a global scale". The press conference could highlight the London club's search for a new stadium. Meanwhile, reports suggest that the club were closing in on signing a South Korean star.
"The announcement will put the QPR brand on a global scale and is further demonstration of the board's continuing efforts to move the club forward and become established in the Premier League," the release to the media said.
If the deal is successful, Park will be the club's fifth signing after the signing of goal keeper Robert Green, forward Andy Johnson, defender Ryan Nelson and midfielder Samba Diakite.