As reported by the Telegraph, the former Manchester United and England star has a verbal agreement with current Rangers' boss - and the man who gave Ferdinand his professional debut - Harry Redknapp to join up with the London club when he returns from covering the ongoing World Cup for the BBC.
The 35-year old central defender is set to accept a cut-price deal at Loftus Road, receiving just a third of the £200,000-per-week wages he was on at Old Trafford. It appears as if a deal was agreed in principal before the 81-time-capped England international left for Brazil, and Redknapp told the Telegraph that he expects the deal to be completed following the close of the World Cup.
The 67-year old coach said: "Rio has agreed to join us and we're hopeful of getting that one over the line when he gets back from the World Cup.
"I can't foresee any problems with it and we'd be delighted if we can get it done soon. He's been a player at the top of the list since he left Manchester United and he would give the whole place a lift with his quality and experience."
Despite claiming that he had no desire to repeat the failures of QPR's last stint in the Premier League - during which past-their-peak players were signed for high wages and brought relegation - Redknapp also insisted that experience is a key trait required to stay in the top flight, and to secure Ferdinand for such low wages will be an impressive coup on the clubs part.
The London-born defender, who has reportedly started house hunting in the capital for his return down south, brings undeniable talent, as well as a winning mentality, and he could act as the perfect defensive partner for Redknapp's next planned signing - Steven Caulker.
The former Tottenham centre-half, currently 22, is being touted by Redknapp as the next big star, and his former coach at Spurs wants him to partner Ferdinand in the heart of his defence.
It had been rumoured that a fee had been agreed between QPR and Cardiff, Caulker's current club, for his transfer, and the Rangers' boss confirmed the rumours.
"We've agreed a fee with Cardiff and it's now up to Steven to decide his next move," he said.
"I know him well from Spurs and he's always been a tremendous prospect. Hopefully that's another one we can get done."
Despite having agreed a fee, Rangers officials are wary of losing their target, with Liverpool said to be keen on acquiring his services.
If QPR do manage to complete the signings of their two targets, they will have a defence that should most certainly secure their Premier League survival - or even reach higher plains.