The 22-year-old was linked with a move to French big spenders Paris Saint-Germain this summer but the switch never materialised and now Arsenal are thought to be willing to spend £12m on the midfielder.
After failing to break into the Tottenham side as a youngster, Taarabt moved to Loftus Road permanently last year following two loan spells with the club.
The Moroccan soon found his feet in the Championship and played a major role in QPR's title-winning 2010-11 season.
He also won the Football League player of the year for his efforts in the last campaign. Taarabt has yet to score a Premier League goal for Rangers, however.
The Gunners have also been linked with another creative midfielder, Germany's Marko Marin, recently.