The Socceroos midfielder, 24, has 18 months remaining on his existing deal and has been one of QPR's mainstays in a topsy-turvy campaign which sees the Hoops sitting a disappointing 17th in the division and with their fourth manager since Luongo arrived after the club's relegation in mid-2015.
Though talks are ongoing, it's understood an agreement could possibly be concluded as early as next week if both parties can agree on the details of an extended stay in West London.
Luongo, who made a single appearance with Tottenham Hotspur before signing for League One Swindon and then QPR, is determined to play one day in the Premier League.
"He's in talks with QPR at the moment and hopefully there can be an agreement which works for both parties," said his advisor David Magrone, the former European scout for Tottenham and QPR's first team scout who discovered Luongo as a raw teenager back in Sydney.
"I have no doubt Mass is ready to play and perform in the Premier League, and he'd very much like that to happen in the near future with QPR.
"He's taken a different path than some of his former Under-21s teammates at Tottenham, players like Ryan Mason, Jake Livermore, Tom Carroll and Nabil Bentaleb, who all went onto to the first team at Spurs (and beyond) while Mass opted to go to Swindon to get regular first team football there and progress in a different way.
"They are all central midfield players like Mass, and he's just as capable as any of them - it's just he took an alternate route.
"But I am confident he will get there (to the Premier League) whether with QPR or not.
"He has all the qualities needed at that level, but is now going to have to do that little bit more week in, week out in the Championship to make sure he gets to where his talent dictates that he should be.
"He's probably now in the category of somebody like Jeff Hendrick, the Republic of Ireland international who went from Derby to Burnley this season, after plying his trade in the Championship."
Magrone, who initially took Luongo to Tottenham, said the Socceroos midfielder's head had not been turned by a plethora of offers from the Middle East and Asia and that ultimately proving his prowess in England's top tier was his enduring ambition.
"That's where he has always wanted to play and nothing has changed, " he said.
"I am sure that time will come."
