QPR terminated Hughes' contract on Friday, with the club bottom of the Premier League and winless through 12 games.
This, as per QPR's official statement:
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.
Widespread reports suggest that structure will be topped by the 65-year-old Redknapp, who was fired by Tottenham in June and is said to be keen on a return to England's top flight.
"The arrival of Redknapp looks a formality," believes Phil McNulty, BBC Sport's chief football writer.
The Daily Record agrees, while the Daily Mail's Neil Ashton reports Redknapp will be in the stands for QPR's trip to face Manchester United on Saturday and officially appointed as their new manager on Sunday.
Sky Bet have suspended betting on Harry Redknapp’s next club following significant backing for him to become QPR manager.— Lee Walker (@Lee_Eurosport) November 23, 2012
Redknapp is also wanted as the new coach of Ukraine (BBC Sport), but the lure of a job close to his south-coast home—not to mention in a league he knows better than most—looks set to land Redknapp at QPR.