The 26-year-old was linked with a move to Arsenal earlier in the transfer window but a six-month swap to Loftus Road now looks to be certain after his agent, Fabio Parisi, confirmed the deal on Twitter and posted a picture of his client standing alonside Mark Hughes.
The former Marseille defender, who plays primarily at left-back, insisted he will try his hardest for his new top flight team.
Taiwo told BBC Sport: “I'm happy with the opportunity to play at QPR.
“I don't know if there are professional footballers who just love to pick up monthly salary by sitting on the bench. I'm not in that category.”
The Nigeria international has started just four matches for the Serie A club since his summer transfer from Marseille in July 2011.
Taiwo is also adamant he will get more game time in the Premier League, adding: “I need to settle down quickly and adapt to the rhythm that comes with playing in England.
“I know only hard work, good performance, dedication, and passion will connect me with the fans but I'm prepared.
“I had an injury setback when I got to Milan and the negative impact was unpleasant.
“I'm looking forward to what lies ahead and I'm prepared to give my all to the QPR cause.
“It is not how long you stay at a club but the positive impact you make and I hope to bring all the positivity as a professional footballer.”