According to the report, Rangers were willing to pay significantly less than £8m to sign the attacking midfielder in the summer transfer window.
“QPR want a loan deal with a view to an eventual permanent transfer, but they are looking at other targets given Tottenham’s current demands and the number of other clubs chasing the player,” adds the report in West London Sport.
Pritchard, who can also play as a winger, is unlikely to get much playing time at Tottenham this season due to the competition for places.
The former England Under-21 international had injury concerns and struggled for playing time during a loan spell at West Bromwich Albion last season.
However, the 23-year-old has proved himself in the Championship, the division in which QPR will play next season.
During the 2014-15 season when he was on loan at Brentford, Pritchard scored 11 goals and created as many as 111 chances in 46 Championship appearances.