Michael Beale has led QPR to seven wins in 14 matches since taking over from Mark Warburton in the summerWolves have made QPR boss Michael Beale first choice to be their new manager.
The Premier League club have conducted an extensive search for Bruno Lage's successor, after Julen Lopetegui turned the job down.
It had not been ruled out that interim bosses Steve Davis and James Collins could stay in post until the top flight pauses for the World Cup next month.
However, Tuesday night's defeat by Crystal Palace has focussed minds and an approach to QPR is now anticipated.
The matter is complicated by the fact QPR are at home to Cardiff in the Championship on Wednesday night and Wolves are mindful of that.
However, unless there are unforeseen issues, Beale is set to be in charge for the first time when Wolves entertain fellow strugglers Leicester on Sunday.
Wolves have spoken to former manager Nuno Espirito Santo and recently departed Lyon coach Peter Bosz about the vacancy, but have now moved in a different direction.
Beale is a highly rated coach, having followed Steven Gerrard south from Rangers to Aston Villa before taking the QPR job in June.
Speaking to BBC Radio London on Wednesday, Beale said he remained focused on his job with the R's despite the speculation.
Beale has made a bright start since taking over in the summer, leading Rangers to sixth in the Championship, and they had gone five matches unbeaten prior to their 3-1 loss at Luton on Saturday.
"It's my first job. I could not be happier with the way it's going with the owners, the staff, the players," Beale told BBC Radio London.
"I'm in a great place in my personal life with my family as well.
"My focus is here on the huge games this week for the club and getting back to a positive light after a really disappointing day on Saturday.
"That's been the thing that I've been carrying around these last few days, I have not been worrying about this [other] stuff."
