Warnock, 63, took charge of Rangers in 2010 and guided them to the Premier League during his first full season in charge.
However, a string of poor results has seen the club slump to 17th place in the English top flight.
No sooner had Warnock been ushered out of the Loftus Road exit door than rumours began to circulate about his replacement. With that in mind, Sports Mole examines the frontrunners for the QPR hotseat.
Former Blackburn Rovers, Manchester City and Fulham boss Mark Hughes is the early favourite to take over from Warnock. Hughes left Fulham at the end of last season, claiming that the Whites failed to meet his ambition. Regardless of QPR's current league position, the club do have the funds that may tempt the Welshman back into management.
Having achieved hero status during his playing career with Chelsea, the pint-sized Zola may be willing to listen to any advances QPR wish to make. His first chance of management in the Premier League with West Ham United ended on a sour note and as a result the chance to prove himself as a coach in England is likely to appeal to the Italian.
There are very few available jobs that Eriksson does not get linked with, and the QPR role is no different. Early rumours have suggested that owner Tony Fernandes wants a high-profile appointment, something that could count in the Swede's favour. Having recently been sacked by Leicester City, Eriksson is never one to be out of work too long and is likely to be keen on the job.
Ex-Liverpool boss Rafael Benitez recently revealed that he is keen on another crack at management in England. Whether or not he wants to take charge of a side that is currently fighting the threat of relegation remains to be seen. The fact that Fernandes will be able to provide him with the money for new players may sway his decision.
Dutch coach Hiddink has long been linked with a manager's job in London, although that has been with West London neighbours Chelsea. The 65-year-old had brief spell in charge of the Blues in 2009 and is said to have enjoyed his time in England. After vacating his role as coach of the Turkish national team late last year, Hiddink is now thought to be keen on a return to club football.