Rangers are languishing at the bottom of the Premier League table having yet to win a single game this term.
Last weekend's defeat at home to fellow strugglers Southampton proved to be the final straw for chairman Tony Fernandes and he has decided to end Hughes' reign before Saturday's trip to Manchester United.
Mark Bowen will take temporary charge of the team at Old Trafford, but former Tottenham boss Redknapp is expected to be confirmed as Hughes’ replacement after the game.
"Queens Park Rangers Football Club has today terminated the contract of manager Mark Hughes with immediate effect," read a statement from the club.
"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."