There has been no official confirmation of Redknapp's appointment, although he is widely expected to take charge of the west London club on Sunday.
Hughes's sacking has not come as a surprise given QPR are bottom of the Premier League having gained just four points from their opening 12 fixtures, and having lost 3-1 in abject fashion to 19th place Southampton last week. However, the timing is somewhat curious given the team face Manchester United at Old Trafford in less than 24 hours.
QPR's official Twitter account confirmed the news on Friday, saying: "Queens Park Rangers Football Club has terminated the contract of manager Mark Hughes with immediate effect," with a statement from the club following.
It read: "Queens Park Rangers Football Club has today [Friday] terminated the contract of manager Mark Hughes with immediate effect. This decision has been taken after careful consideration by the board of directors, following numerous meetings over the last few days. The board of directors wish to thank Mark for his commitment, hard work and dedication in his 10 months in charge.
"Mark has shown integrity and professionalism throughout his time here, but ultimately the circumstances we find ourselves in have left the board of directors with very little choice but to make a change. The Board will now be working actively to put a new managerial structure in place as soon as possible.
"Mark Bowen and Eddie Niedzwiecki will take charge of the Rs' trip to Manchester United in the Premier League on Saturday afternoon. The club will be making a further announcement in due course."
QPR's chairman, Tony Fernandes, who backed Hughes significantly in the transfer market over the summer, had continually taken to Twitter following recent bad results to voice his support for the manager. But the derision among the crowd at Loftus Road during the loss to Southampton suggested Hughes had lost the backing of the majority of QPR fans.
Crisis talks were held at the club's Harlington training base on Monday evening but Hughes continued as manager, preparing his side for the test at Old Trafford this weekend.
But the decision was taken by the board to end Hughes' tenure as manager with the board aware that any increase in the five-point gap between QPR and Reading in 17th would make it harder to find a replacement.
Redknapp has been out of work since leaving Tottenham Hotspur at the end of last season and was this week linked with the vacant manager's job with the Ukraine national team. That speculation could have forced Fernandes's hand.