The 23-year-old Canadian, who arrived at Loftus Road from Blackburn Rovers last summer, was linked with both Everton and Stoke City during the recent transfer window.
"Speculation will always be there throughout the transfer window - it's the same for a lot of players," Hoilett told the club's official website.
"I'm happy here. The goal is promotion and that's what I'll be giving my all to achieve this season."
QPR are currently in second place in the Championship table following an unbeaten start to the season.