Warnock was shown the Rangers' exit door on Sunday by owner Tony Fernandes, who is believed to be disappointed after seeing his side slide down to 17th in the Barclays Premier League following a poor run of results - managing just two points from their last eight league games.
Former Manchester City manager Hughes has been widely tipped to take over at Loftus Road.
And The Daily Mail have claimed Hughes will be installed as the new boss this week, along with his right-hand men Mark Bowen and Eddie Niedzwiecki.
Fernandes is believed to view Hughes as the right man to lead his side to survival this season, despite his sacking at City in 2010.
What impressed the Malaysian business man the most was his record during his spell at Blackburn, where he did well under financial contraints.
It was in fact reported by The Daily Mirror that disagreement over the possible signing of Blackburn striker Yakubu led to a clash between Fernandes and Warnock, who was subsequently dismissed.
Yet Warnock, who led the Hoops back into top-flight last season, believes he can leave with his head held high.
"Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride," he was quoted as saying.
"I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me - they deserve success.
"My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed all last summer and probably given us a better chance to succeed in the Premier League."