Palacios has appeared just four times this season for the Potters and Tony Pulis is seemingly happy to let him go at the right price.
Redknapp signed the 28-year-old for £12million in 2009 while he was Tottenham Hotspur manager, but then sold him for half that fee to Stoke two years later.
QPR have already missed out on signing Joe Cole, Loic Remy and Michael Dawson in the January transfer window as well as captain Ryan Nelson revealing he is set to move to the MLS in a managerial role.
Palacios was a revelation at White Hart Lane when he first arrived but quickly became out of favour when more talent was introduced to the squad.
However, at QPR the Honduran midfielder should get plenty of opportunities with the current side struggling to pick up points.
“Wilson is going to join QPR,” Palacios’ father Eulogio told The Sun.
“Their manager is interested in signing him once more, as he knows him well.
“Wilson is going to change clubs as he is not getting games for Stoke.”