The R’s are set to face Carlos Carvalhal’s side at Hillsborough later today, and Holloway is predicting a tough test for the team that he used to manage.
The 52-year-old pundit feels that Wednesday will expose the weaknesses in QPR’s game, but he has backed Jimmy Floyd Hasselbaink to eventually get things right at Loftus Road.
"This is a tough cookie of a game for QPR," Holloway said. "The Rs full-backs isolate their centre-backs and Sheffield Wednesday will expose that.
"Jimmy Floyd Hasselbaink has got to sieve through that QPR squad. He needs to get rid of the weak links and the overpaid people, who aren't as good as the money they're getting. That will gradually get QPR where they need to be.
"Mauricio Pochettino didn't pull up any trees in his first season at Tottenham, but look at them now.
"I think they should start bringing in younger players between now and the end of the season - that's if the players are good enough. The club have reportedly spent enough money on the academy now - let's test the set-up."
Hasselbaink has won just two of his first 12 matches in charge at QPR, and he has failed to guide the London club away from a mid-table position.
The R’s had harboured outside hopes of making the play offs when the Dutchman took charge, but their promotion ambitions are now surely over.
Wednesday, on the other hand, have a real chance of being a Premier League club next season.
The Owls have taken 23 points from their last 11 matches, and they currently sit in sixth place in the Championship table.
Carvalhal’s men go into tonight’s match on the back of a defeat against Preston North End last weekend, while QPR’s last result was a 1-1 draw with Bolton Wanderers.