The Sun says Taarabt is a £13million target for French giants Paris St Germain.
They are bankrolled by new Qatari owners and are ready to spend big this summer.
Taarabt has emerged as their top target but Rangers want at least £10m for the Moroccan after he inspired them to promotion last season.
Taarabt scored 19 goals as Neil Warnock's side won the Championship but has remained tight-lipped on his future.
Warnock believes only QPR can offer him a free role to express himself in top-flight football.