The former Spain Under-21 international joined from Real Madrid last August, penning a four-year deal at Loftus Road.
He was one of a number of big money signings to sign for Rangers last season but they failed to revive the team's fortunes, with the club eventually finishing bottom of the Premier League.
In order to adjust to life back in the Championship a number of the team's high earners will need to be sold to balance the books.
Granero's agent, Teo Lazaro, had confirmed the 25-year-old is among those who will need to seek a new club during the close season.
"QPR will have to part ways with a number of highly paid players following their relegation from the Premier League," he told Izvestia.
"Among those players listed is the name of my client. Basically, we have to find a new club."