Hughes has overseen a terrible run of form despite extensive investment in the playing squad this summer and leaves the club with QPR bottom of the table and without a win in their opening 12 games.
Though owner Tony Fernandes repeatedly stated his confidence that Hughes could turn things around, he has taken action on the eve of a Premier League game away at Manchester United.
A statement read: "Queens Park Rangers Football Club has today (Friday) 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.
"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."
Hours later, a spokesman for Paul Stretford's Triple S Sports and Entertainment company said: "Contact has been made between QPR and us as Harry Redknapp's representatives.
"Talks will be beginning shortly."
Betting has already been suspended on Redknapp taking over at Loftus Road, despite the former Tottenham boss holding talks with Ukraine about the national job.
The Daily Mail reports that Redknapp will be appointed QPR's new boss imminently and will officially take charge on Sunday.
Hughes was appointed Rangers boss in January 2012 following the sacking of Neil Warnock.
He steered the side to safety on the final day of last season, despite a 3-2 defeat to Manchester City, and promised that the club would not find themselves in that position again.
His failure to integrate a large intake of new players in the first four months of the season meant he was unable to keep to that promise though.