Neil Warnock, who has been acting as an advisor at the club, has been placed in temporary charge of the first team.
Former QPR midfielder O’Neil, now on the books of Premier League side Norwich, hopes that the London outfit find a suitable manager to take the club forward.
More change at Qpr. Let's hope they find the right guy and push on up the table ASAP!— Gary O'Neil (@Gazoneil) November 4, 2015
QPR are 13th in the Championship table at the moment with 19 points from 15 matches, six points behind sixth-place Birmingham City.
Rangers will take on Preston North End at Loftus Road in the Championship on Saturday afternoon.