The 30-year-old, who departed the Hammers at the end of last season, has been training with the R's squad for the past week.
According to Sky Sports News, personal terms have already been agreed between the two parties, with O'Neil expected to pen terms at Loftus Road on Tuesday.
O'Neil played under QPR boss Harry Redknapp during the pair's time at Portsmouth.
Restore Data
| Team | P | W | D | L | F | A | GD | PTS | |
| 1 | Liverpool | 12 | 10 | 1 | 1 | 24 | 8 | 16 | 31 |
| 2 | Arsenal | 13 | 7 | 4 | 2 | 26 | 14 | 12 | 25 |
| 3 | Manchester CityMan City | 12 | 7 | 2 | 3 | 22 | 17 | 5 | 23 |
| 4 | Brighton & Hove AlbionBrighton | 13 | 6 | 5 | 2 | 22 | 17 | 5 | 23 |
| 5 | Chelsea | 12 | 6 | 4 | 2 | 23 | 14 | 9 | 22 |
| 6 | Nottingham ForestNott'm Forest | 13 | 6 | 4 | 3 | 16 | 13 | 3 | 22 |
| 7 | Brentford | 13 | 6 | 2 | 5 | 26 | 23 | 3 | 20 |
| 8 | Tottenham HotspurSpurs | 12 | 6 | 1 | 5 | 27 | 13 | 14 | 19 |
| 9 | Aston Villa | 12 | 5 | 4 | 3 | 19 | 19 | 0 | 19 |
| 10 | Newcastle UnitedNewcastle | 13 | 5 | 4 | 4 | 14 | 14 | 0 | 19 |
| 11 | Bournemouth | 13 | 5 | 3 | 5 | 20 | 19 | 1 | 18 |
| 12 | Fulham | 12 | 5 | 3 | 4 | 17 | 17 | 0 | 18 |
| 13 | Manchester UnitedMan Utd | 12 | 4 | 4 | 4 | 13 | 13 | 0 | 16 |
| 14 | West Ham UnitedWest Ham | 13 | 4 | 3 | 6 | 17 | 24 | -7 | 15 |
| 15 | Everton | 12 | 2 | 5 | 5 | 10 | 17 | -7 | 11 |
| 16 | Leicester CityLeicester | 13 | 2 | 4 | 7 | 16 | 27 | -11 | 10 |
| 17 | Crystal Palace | 13 | 1 | 6 | 6 | 11 | 18 | -7 | 9 |
| 18 | Wolverhampton WanderersWolves | 13 | 2 | 3 | 8 | 22 | 32 | -10 | 9 |
| 19 | Ipswich TownIpswich | 13 | 1 | 6 | 6 | 13 | 24 | -11 | 9 |
| 20 | Southampton | 13 | 1 | 2 | 10 | 10 | 25 | -15 | 5 |
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