Former Spurs boss Redknapp, 65, will be at Old Trafford tomorrow (Saturday) for QPR's clash with Manchester United.
Redknapp has been on QPR's radar for weeks as the club have been rooted to the foot of the Premier League table.
But Redknapp and his advisers had further talks with QPR's hierarchy today and the finer details have been agreed for him to take charge.
But Redknapp will not officially begin work until Monday to leave QPR's current backroom staff Mark Bowen and Eddie Niedzwiecki in charge of the team at Manchester United.
Mirror Sport revealed today that Redknapp was poised to take over and QPR decided to axe Hughes before the trip to Old Trafford rather than leave him in charge which was the original plan.
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Despite votes of confidence to the contrary, Hughes' position has been under pressure from owner Tony Fernandes and the QPR board after last weekend's 3-1 home defeat to fellow strugglers Southampton made it 12 league games without a win this season.
A statement from the club said: "Queens Park Rangers Football Club has today terminated the contract of manager Mark Hughes with immediate effect.
"This decision has been taken after careful consideration by the Board of Directors following numerous meetings over the last few days.
Scott Heavey
"The Board of Directors wish to thank Mark for his commitment, hard work and dedication in his ten months in charge."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.
"Mark Bowen and Eddie Niedzwiecki will take charge of the R's trip to Manchester United in the Barclays Premier League on Saturday afternoon.
Redknapp has been out of management since being axed by Spurs in June but Ukraine's interest in appointing him as national boss appears to have smoked out QPR.
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