The 24-year-old has been reunited with former manager Martin Jol at Craven Cottage, having worked together at Tottenham before the midfielder moved to Loftus Road in 2009.
Taarabt will now return to playing in the top flight, after failing to make QPR’s squad for their Championship opener against Sheffield Wednesday on Saturday, where the midfielder feels he and his parent club belong.
| TRANSFER TALK: GOAL 50 SPECIAL
|25/1||Fulham are 25/1 with Coral to finish in the top six
"I hope the fans understand my decision and I really hope to return to Loftus Road one day. I wish QPR well for the season and hope they achieve promotion back to where I believe the club belongs."
Taarabt has made more than 150 appearances for the Rs, scoring 34 goals, and Jol recently revealed he tried to sign him while in charge of Hamburg and Ajax.
"When I was at Hamburg I wanted him but I thought the money Daniel Levy asked was too much," the Dutchman said on Monday.
"Then at Ajax I thought it was too much for a player who never played, then I was too late after that because he went to QPR and he did ever so well.
"I like his creativity, sometimes it comes off like the year before when he [was] involved in a lot of goals. It's like Berbatov, for all his fantastic talents, sometimes he will be blamed, but I hope I can find a way to gel him in. But I think he can do a hell of a job for us.
"Remember the fact he was an over-£10 million player 12 months ago. So I think you have to take them when they are bad and hopefully he'll show his potential."
Taarabt started his senior career at Lens in 2006, having spent two seasons with the French side’s youth team, before joining Spurs in January 2007, where he played a handful of games.