The Newcastle United captain has a year left on his current deal but has not played since 13 February.
The Owls have missed out on promotion to the Premier League.
Queens Park Rangers are looking to cut costs, as they look to cope with playing in the Championship.
Hector Bellerin has impressed for Arsenal over this past season, and is now in contention for a Euro 2016 spot with Spain.
Tottenham Hotspur have been linked with Southampton striker Shane Long in recent weeks.
Liverpool's Joe Allen has been repeatedly linked with a move back to Swansea City.
The defender helped the Championship club reach the Champions League semi-final in his first season at Elland Road.
The West Ham man was the star of the show in France's win over Cameroon on Monday.
McCormack, who rose through the ranks at Ibrox, played alongside the Celtic loanee at Fulham.
Aston Villa won just three Premier League matches throughout the entirety of this past season.