The Rangers have expressed their desire to sign the highly rated midfielder few weeks ago, but the player was waiting to see what other interested clubs have to offer.
After Zenit and Arsenal failed to make a move, M’Vila looks set to accept the proposal from the Premier League side.
L’Equipe reports the player has agreed in principle to join QPR, with the two clubs now set to start negotiations regarding the transfer fee.
QPR’s initial €9 million offer was deemed insufficient, with les Bretons holding out for €12 million, but it is believed the two sides will be able to come to an agreement.
Rangers boss Harry Redknapp will fly to Brittany later today to watch M’Vila in action as Rennes play host to Bordeaux.
Yann M’Vila, 22, has long been considered one of the best holding midfielders in European football.