Although the former Swindon Town man has only made just two appearances since Hasselbaink took charge, the Dutch boss reportedly believes he is an important player for the future.
It means that Rangers and Leeds will have to look elsewhere for targets, with QPR determined to keep hold of the Australian international.
Milton Keynes Dons have already had a loan bid rejected, and QPR are set to rebuff all further offers they receive.
Luongo only joined QPR this summer, and he has gone on to make 16 appearances for them in all competitions so far.
He was an unused substitute in their 1-1 draw with Blackburn Rovers yesterday evening.