The Mail on Sunday claims the west London club made a loss of Â£80 million ($137 million) during the 2012-2013 English Premier League season, which ended in relegation to the Sky Bet Championship, after signing dozens of players on expensive contracts.
The Football League's new Financial Fair Play (FFP) rules will see overspending clubs taxed for their losses, with Championship clubs paying a Â£1 fine for every Â£1 they lose over Â£18 million ($31 million) in the 2013-2014 financial year.
QPR can expect to receive a sizeable fine in
Quoted in the Mail on Sunday, a Football League spokesman said: "This is the first season in which clubs will ultimately face sanctions (for overspending).
"Clubs have to submit their accounts for 2013-2014 to us by
QPR's accounts for 2012-2013 have not yet been made public and the club was unavailable for comment when contacted on Sunday morning by Press Association Sport.