Rs chairman Tony Fernandes revealed plans to move the club from Loftus Road as there is “no option of expanding” at their present home.
The new stadium would be built as part of a “major regeneration” of the Old Oak area, with plans for the creation of a residential and commercial precinct larger than Canary Wharf.
QPR first used Loftus Road in 1917 and a proposed move is likely to spark a backlash from some fans, but Fernandes believes the project would cement the club’s place in west London.
Chief executive officer Philip Beard insists fans will be consulted about any move.
“Loftus Road is – and always will be – a special place for the club and our supporters, but we need more than an 18,000 capacity,” Fernandes said in a statement on the club’s official website.
“With no option of expanding here, we have to look elsewhere and we welcome the (London) Mayor’s and Hammersmith & Fulham Council’s commitment to regenerate the area, which includes an option to develop a new stadium at Old Oak as a key catalyst to bring forward redevelopment, cementing our future in this part of west London.
“Not only will this give us a top-quality stadium to cater for QPR’s needs as the club progresses and grows over the years ahead, but we are very excited about being the driving force behind creating one of the best new urban places in the world.
“Loftus Road is – and always will be – a special place for the club and our supporters, but we need more than an 18,000 capacity.”
“This will be the catalyst for the regeneration of a forgotten area – ultimately bringing new transport, 24,000 homes and at least 50,000 jobs.
“It will create a vibrant new destination in London, boosting local businesses, attracting new visitors and tourism and creating a thriving community.”
This announcement came after QPR and partners, Stadium Capital Developments, concluded a letter of collaboration with the Greater London Authority and the London Borough of Hammersmith and Fulham to “bring forward an early and very significant private sector investment into the Old Oak Common regeneration area”.
London Mayor Boris Johnson recently announced that turning Old Oak into a new world-class city quarter was one of his main regeneration priorities.
“We look forward to working with the Mayor and local authorities and we will, of course, be consulting our loyal and passionate supporters, as well as the local community, on our exciting plans early next year,” Beard said.
“We will look to build a stadium QPR fans and local residents can be proud of.
“Loftus Road is renowned for its atmosphere and with the help of our supporters, replicating that at our new stadium will be one of our top priorities.”