The former South Korea international spent three seasons at PSV before moving to Manchester United in 2005.
After a successful spell at Old Trafford the 32-year-old joined QPR last season but failed to make an impact, eventually losing the captaincy as the club was relegated from the Premier League.
"The deal is subject to Park obtaining a work permit," the west London club said on its website (www.qpr.co.uk)
"During this time, he will continue to train with QPR."
That is despite manager Harry Redknapp telling Sky Sports last month that he did not see the point of loaning out players as he would rather sell them and take their wages off the books permanently.
"What's the point in loaning him for a year then getting him back on massive wages for another two years?" he said, referring to goalkeeper Julio Cesar who is also expected to leave.