Indeed, fresh reports in the Daily Telegraph suggest the west London side will look to former Watford and West Ham boss Zola to take up the reins if Redknapp calls it quits.
The Italian reached the play-off final with Watford last season but saw his team lose in extra-time after a Kevin Phillips penalty sealed promotion for London rivals Crystal Palace.
However, Zola's position at Vicarage Road came under threat this term, when he was eventually fired after a run of increasingly poor form.
The 47-year-old does have experience of both top-flight football and a promotion bid, though, and enjoyed an illustrious career in west London as a player with Chelsea.
Any potential deal will likely come down to Redknapp, of course, with the 67-year-old's future in his own hands for now. But his bargaining position may weaken with time if QPR's results do not improve.
Redknapp's men lost 2-0 at Brighton on Tuesday night, a result that left them 17 points off league-leaders Leicester City and 10 points behind second-placed Burnley with a game in hand.
Indeed, QPR have already been linked with a move to replace the former Tottenham boss this season with Michael Laudrup - and owner Tony Fernandes' patience is only likely to decrease with every bad result.
In short, there are three likely scenarios.
A) Redknapp fails to take QPR back up and retires, being replaced by Zola.
B) Redknapp takes the Rs up and stays on at Loftus Road.
C) Redknapp takes QPR back to the Premier League and retires anyway, leaving Zola with a top-flight side to manage.
Two out of three isn't bad for the Italian. Perhaps he should start planning for next season?
Would Zola be a good candidate to replace Redknapp at QPR?