Rovers boss Sam Allardyce is happy to loan out Reid as he looks to find his fitness after a lengthy spell on the sidelines over the last 12 months.
QPR chief Jim Magilton believes the signing of Reid is a real coup and feels he will provide cover for injured duo Gavin Mahon and Martin Rowlands.
"This is a significant loan signing for the football club," Magilton told the club's official website.
"The fact we've been able to attract a player of Steven's calibre to the club speaks volumes of the board and the direction in which the club is heading."
"He's a class act. He can pass; he can tackle; he can shoot; he's box-to-box - he's a very, very good player.
"We were a bit light on numbers in the central midfield department following the long term injuries to Martin (Rowlands) and Gavin (Mahon), but Steven's arrival will give everyone a lift and will hopefully help us to kick on over the coming weeks."