Fernandes, the proprietor of the low-cost airline AirAsia, is set to take mass control of the club, which secured promotion to the Barclays Premier League last season.
The 47-year-old, who is also team principal of Formula One side Team Lotus, is to buy a 51% stake from F1 chief Bernie Ecclestone.
Ecclestone has been the majority owner of QPR for the past five years.
Questions over the tenure of the west London club, and the future of boss Neil Warnock, have overshadowed their build-up to the new season, their first in the top flight since 1996.
Fernandes, though, this week gave the former Sheffield United manager his full support.
Rangers lost their opening fixture of the season 4-0 to Bolton at Loftus Road on Saturday with some of the 15,000 home support venting their annoyance at shareholder Flavio Briatore, watching from the directors' box.
West Ham Midfielder and England International Scott Parker is a reported £8million target for QPR when the takeover goes through.
Fernandes is a "loyal West Ham fan", according to his Twitter page.