Chairman Tony Fernandes said a move was necessary as Loftus Road, which has a capacity of 18,000, was unable to be expanded.
The Championship club and partners have concluded a letter of collaboration with the Greater London Authority and the London Borough of Hammersmith and Fulham.
QPR chief executive Philip Beard said fans would be consulted.
"We look forward to working with the mayor and local authorities and we will, of course, be consulting our loyal and passionate supporters, as well as the local community, on our exciting plans early next year," Beard said.
"We will look to build a stadium QPR fans and local residents can be proud of.
"Loftus Road is renowned for its atmosphere and with the help of our supporters, replicating that at our new stadium will be one of our top priorities."
Fernandes said he was excited – not only by the stadium but the opportunity to help a developing area grow.
"Not only will this give us a top-quality stadium to cater for QPR's needs as the club progresses and grows over the years ahead, but we are very excited about being the driving force behind creating one of the best new urban places in the world," he said.
"This will be the catalyst for the regeneration of a forgotten area – ultimately bringing new transport, 24,000 homes and at least 50,000 jobs.
"It will create a vibrant new destination in London, boosting local businesses, attracting new visitors and tourism and creating a thriving community."
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