Borini is being chased by a host of clubs after he was told by Reds manager Brendan Rodgers that it would best for him to move on, and QPR are reportedly hoping to replace Loic Remy with the Liverpool man before Monday's deadline.
AC Milan are also linked with a loan move for the 23-year-old, although their capture of Fernando Torres may see them end their pursuit.
While Sunderland are still fighting to secure Borini on a permanent basis after the Italian forward enjoyed a fine season at the Stadium of Light in 2013-14, scoring seven times for the Black Cats during his loan spell.
Liverpool accepted a £14 million bid from Sunderland earlier in the transfer window, but Borini refused to leave the Reds and claimed that he wanted to fight for his place in Rodgers's squad.
However, the arrival of Mario Balotelli is likely to have changed the former Chelsea man's outlook, and he is expected to make a move away from Anfield before tomorrow night's deadline.
QPR boss Harry Redknapp has reportedly claimed that he would like to take the striker on a season-long loan, but Liverpool may prefer to see the striker leave on a permanent basis.
Remy is set to leave Rangers in the next 24 hours as Chelsea triggered his release clause prior to the R's game against Sunderland on Saturday afternoon, although Arsenal are also fighting for the Frenchman's signature.
Would Fabio Borini be a good signing for QPR? Should Liverpool loan him out or sell him permanently?