The Mail on Sunday claims the west London club made a loss of £80million during the 2012-13 Barclays Premier League season, which ended in relegation to the Sky Bet Championship, after signing dozens of players on expensive contracts.
Christopher Samba, Park Ji-sung, Julio Cesar, Jermaine Jenas and Loic Remy - who apart from Samba all remain on QPR's payroll - are among the players who have reportedly earned salaries of over £100,000 per week in recent seasons.
The Football League's new Financial Fair Play (FFP) rules will see overspending clubs taxed for their losses, with Championship clubs paying a £1 fine for every £1 they lose over £18million in the 2013-14 financial year.
QPR can expect to receive a sizeable fine in January 2015 should they be promoted to the top flight at the end of the current season. The club could, however, temporarily avoid a fine if they fail to win promotion.
Quoted in the Mail on Sunday, a Football League spokesman said: "This is the first season in which clubs will ultimately face sanctions (for overspending).
"Clubs have to submit their accounts for 2013-14 to us by December 1, 2014, with sanctions levied early in 2015. If a club being sanctioned are in the Premier League by then, the fine will need to be paid."
QPR's accounts for 2012-13 have not yet been made public and the club were unavailable for comment when contacted on Sunday morning by the media.
Harry Redknapp's side are currently third in the Championship table and tied on points with Leicester for the second automatic promotion place after 15 games.
QPR's majority shareholder and chairman Tony Fernandes later took to Twitter to claim the report was "not accurate".
Through his official account he wrote: "QPR fans please ignore Article.
"Shows how big our brand has become that people need to write stories that are just not accurate.
"Stay focused on getting back to the premier league."