The club announced Warnock's departure in a statement on their official website 30 on Sunday evening, with Mark Hughes the immediate favourite to become QPR's new manager.
QPR's statement also confirmed that Warnock's backroom staff of Keith Curle and Mick Jones have also left Loftus Road:
"Queens Park Rangers Football Club has today (Sunday 8th January 2012) parted company with Manager Neil Warnock. Warnock joined the Club in March 2010, overseeing 84 matches in charge, winning 33, drawing 27 and losing 24.
"The Board's commitment to retaining our Premier League status ultimately led to this decision. QPR Assistant Manager Mick Jones and First Team Coach Keith Curle have also left the Club.
QPR chairman Tony Fernandes said: "This decision has been made in the best interests of the Club and I can assure everyone that this is not a decision that was made lightly.
So...QPR big enough for you Mark?