The Ligue 1 side's president Pierre Dreossi has admitted that the midfielder may have played his last game for the club in the win over Bastia but did not divulge his destination
M'Vila came on shortly before Rennes scored their second goal in a 2-0 win over Bastia, but then gave away a late penalty that was not converted.
The midfielder has been strongly linked with a €10 million (£8.4m) move to QPR, but the likes of Tottenham and Fulham are also rumoured to be pursuing the France international.
"There is a good chance that this is the last game Yann M'Vila will play for Rennes," Dreossi told reporters.
M'Vila has regularly been linked with a move to the Premier League in the past couple of years, with Arsenal having been heavily linked with his signature in previous transfer windows.
Disciplinary issues are believed to have hindered a potential transfer for the player in the past, with M'Vila currently banned from the French national team until June 2014 after an unauthorised night out whilst on Under-21 duty.