The 34-year-old has only managed to make eight appearances for the Hoops since joining in 2011, with Harry Redknapp admitting the midfielder did not feature in his plans
The 34-year-old joined the Hoops on a free transfer from West Ham at the start of last season, but was stretchered off seven minutes into his debut against Bolton and failed to make another appearance all campaign.
Dyer featured as a last-minute substitute in QPR's recent win over Chelsea, but played 90 minutes and scored in their 1-1 FA Cup draw with West Brom on Saturday.
Redknapp told the club's official website: "I'd like to thank Kieron for his services to QPR.
"If he can stay clear of injuries I'm sure there's clubs out there that will offer him the chance to play football.
"He wasn't in my plans and I think he's got something to offer someone, so we wish him all the best."