The Italian executive was ousted from his position initially when Tony Fernandes concluded his takeover of the Hoops back in the summer, and has been working in an advisory role since.
However Paladini will look for a new challenge as his responsibilities at QPR have ended.
“Former QPR chairman Gianni Paladini has left the club by mutual consent,” CEO Philip Beard confirmed.
“On behalf of everyone at the club, I would like to thank Gianni for his contribution to Queens Park Rangers over the years.
“He has gone beyond the call of duty in his time here and in more recent times, played an integral role in our return to the Premier League, as well as assisting the football management team with the acquisition of some key players.
“He will always be welcome back here to support the team and we wish him every success for the future,” he stated.
Meanwhile injured QPR striker DJ Campbell is making good progress from a foot injury, and may well be back playing within a month.
The ex-Blackpool attacker picked up the ailment against Fulham in October, but physio Nigel Cox is hopeful that the forward could be back to action in the near future.
“DJ had a pin put into the toe on October 20th, and he is coming along very well,” Cox told the club’s official website.
“He is out of the boot after three weeks and now we will gradually increase his activity.
“We could see him back and available to the manager in the next three to four weeks,” he concluded.
By Gareth McKnight