Sunderland were also linked to the Chilean.
Chilean newspaper La Tercera had reported over the weekend that he had told his family of his intention to make a move.
Numerous newspapers had claimed Arsenal were the club concerned, with The Star reporting: "Arsenal set to seal Chilean ace Eduardo Vargas loan signing by Wednesday."
Now journalist George Caulkin of The Times reports that it is QPR who are in fact set to snap him up on loan.
It explains how reports suggesting he was 'set to move to London', were in part accurate, just relating to the wrong club.
He will link up with fellow Chilean Mauricio Isla at QPR, and will be in the same city as Alexis Sanchez, which could play a factor in his move.
We reported last night in our transfer round-up how the supposed Arsenal move could be scuppered by interest from both QPR and Sunderland, and the deal now appears that it could be completed this week.
Will Vargas be a good signing for QPR?