Hughes leaves the Londoners bottom of the league table without a single win this season claiming only four points in 12 games so far.
Former Tottenham Hotspur boss Redknapp will take over Rangers on Tuesday away to Sunderland while assistant manager Mark Bowen and Eddie Niedzwiecki will lead the side on Sunday, which is away to Manchester United at Old Trafford.
A club statement on the official website read: "Queen's Park Rangers Football Club has today (Friday) terminated the contract of manager Mark Hughes with immediate effect."
"This decision has been taken after careful consideration by the Board of Directors, following numerous meetings over the last few days."
"The Board of Directors wish to thank Mark for his commitment, hard work and dedication in his ten months in charge."
"Mark has shown integrity and professionalism throughout his time here, but ultimately the circumstances we find ourselves in have left the Board of Directors with very little choice but to make a change."
"The Board will now be working actively to put a new managerial structure in place as soon as possible."
Hughes' job at Loftus Road was on the edge after the 3-1 loss to Southampton at home last week.
The former Manchester United striker, who walked out on Fulham the previous summer, replaced Neil Warnock in January. Rangers survived relegation last season despite losing to Manchester City after other results worked in their favour.
Hughes failed to take the club forward despite signing 10 new players during the summer with four more in January last season.