The Moroccan, who signed from Tottenham last summer, has caught the eye with a number of impressive displays this season, with West Brom reported to be interested.
However, the 21-year-old has remained at Loftus Road and his 15 goals this term have put the Hoops on the brink of promotion.
Manager Neil Warnock says the playmaker, who leads the assists chart in the Championship, has been key to the club's success.
Warnock told reporters: “Adel has had a great season. He’s been an important player for us and is very talented.”
Taarabt was initially on loan from Spurs last season before the Championship leaders made the deal permanent in the summer.