The Lions are believed to be monitoring the situation of the 35-year old who is now a bit-part player at Loftus Road.
Derry admits he is happy in West London but would consider any opportunity to play regular first team football.
"There is a link there, but obviously I played last night for 30 minutes and enjoyed playing,” he told Sky Sports in the wake of Tuesday night’s Capital One Cup win over Exeter City.
"I'm 35 now, I'm not 25 and a guy who likes to sit on the bench.
"I spent quite a lot of last year on the bench watching from the sidelines, and I'm a footballer who likes to play football.
"If there was to be an opportunity for me to play elsewhere then that is something I'd really have to look into quite deeply, but as it stands at the moment I am a QPR player and a very committed one.
"I really missed playing a number of games last season. If, and it is a big if, I was to be given an opportunity at Millwall or anywhere else for that matter, it is something I would definitely have to look into."