The club is in talks with a number of prospective new sponsors about a multimillion-pound deal, sources have disclosed to Marketing.
A spokesman for the club confirmed that QPR and Gulf Air have parted company.
Gulf Air has been QPR's main sponsor since signing a £7m three-year deal in 2008, with the gulfair.com web address appearing on the team's shirts.
Lotto is the club's technical sponsor.
QPR is owned by business tycoon Lakshmi Mittal and his family, Flavio Briatore and Formula 1 chief Bernie Ecclestone. Gulf Air is owned by the Kingdom of Bahrain.
The club, which is managed by Neil Warnock, was promoted to the Premier League after winning the Championship this year.