The 34-year-old has been plagued by injuries throughout his career and has made just four starts for the R's since joining the club in July 2011.
He made a rare outing against West Brom in the FA Cup at the weekend and scored his side's equaliser in the 1-1 draw.
But that has not been enough to convince Hoops boss Redknapp to keep him at Loftus Road.
"I'd like to thank Kieron for his services to QPR," Redknapp told www.qpr.co.uk:
"If he can stay clear of injuries I'm sure there's clubs out there that will offer him the chance to play football.
"He wasn't in my plans and I think he's got something to offer someone, so we wish him all the best."