The Nigerian international also revealed that manager Mark Hughes played a big role in convincing him to sign on at Loftus Road.
"It's a new and exciting challenge for me and one I am very much looking forward to," the 26-year-old told the club's official website.
"I'm very grateful to Mark Hughes for bringing me here. It is always nice for a player when you know the manager wants you and I will repay his faith in me.
"I'm looking forward to what lies ahead and I'm prepared to give my all to the QPR cause."
Taiwo will wear the number 34 shirt for Rangers.