The R's want to make Reid their marquee January transfer, as they look to strengthen their backline to help them avoid the drop in the summer.
Reid is a key part of Sam Allardyce's West Ham side, but uncertainty over his contract has meant that Harry Redknapp's side are hoping to take advantage.
They allegedly believe that they may be able to get the New Zealander at a cut-price, due to the Hammers' reluctance to lose him on a free transfer next summer.
Although Allardyce is known to be keen to keep Reid at Upton Park progress has been slow and he could be set for a pay-rise if he was to move to Loftus Road.
Even so, QPR's reported bid is an ambitious one. The Hammers have started this season well and he would be taken a serious move down the table if he was to join Redknapp's team.
QPR feel that he would be a brilliant addition to the team, though, after showing consistent good form over the past few season, and they may look to depart with Rio Ferdinand to finance the transfer.
Ferdinand only signed for the side over the summer, but his performances haven't met expectations and a swift exit could be on the cards.
QPR are currently bottom of the table and they know that they will need to improve if they are to avoid the drop this campaign.
The side have struggled to adapt to life in the top-level following promotion last season, but a player of Reid's quality would certainly help them in their quest to avoid a quick return to the second-tier.