De Canio took charge of Rangers at the end of October with the club languishing in the bottom three in the Championship.

A QPR statement said: "The club would like to place on the record their thanks to Luigi for his contribution to QPR and wish him all the best for a successful future.

"Mr De Canio also wanted to express his gratitude for the opportunity to manage Queens Park Rangers and also for the fantastic experience he had during his time in England."

Despite winning their opening fixture under De Canio's guidance, Rangers went on a seven-match run without another victory.

But the former Siena boss steadily engineered an improvement on the pitch, ending the campaign in 14th place.

Renault Formula One boss Flavio Briatore and F1 supremo Bernie Ecclestone have been bankrolling the revolution in west London as co-owners, with a further 20% stake in the club bought by the family of Lakshmi Mittal, the world's fifth richest man.

Around £5million was splashed out on a team of Championship all-stars in the January transfer market.

Akos Buzsaky, Damien Delaney, Gavin Mahon, Fitz Hall, Rowan Vine and Patrick Agyemang were among those to join the Rangers revolution.

However, speculation mounted only last week that former France World Cup winner Zinedine Zidane had been lined up as a possible replacement for De Canio.

"An announcement on a successor will be made in due course," added the statement.