QPR have parted company with first-team coach Luigi De Canio by mutual consent after just six months in charge for the Italian at Loftus Road.
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.


kilburnhoop (Queens Park Rangers) : "...Seaton, Holloway got us out of that division with a much weaker team than you've got now and is loved by rangers fans for doing it, and on a shoestring budget. But I'll be shocked if he's still there at the start of season as his loyalty can be quest..." view full comment
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kilburnhoop (Queens Park Rangers fan)
"So do I foreverhoop, do you remember the remarks he made when we blew him out the first time? rumour has it that McClaren and Alladyce have been interviewed today. I wonder what Big Sam would be like with a bit of cash and time behind him?"
forever_hoops
"Ian Dowie!!!! kilburnhoop, I am hoping and praying that you have been misinformed!"
QPRforever (Queens Park Rangers fan)
"If dowie gets the job i'm not going to another game till he leaves the mans a joke. i want zidane (highly unlikly but think of the players he could attract), allerdyce would be my second choice only if he made us play good football. what about darren ferguson? would have him over most of the names getting linked with qpr ."
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