As well as signing a new deal, Taarabt has been handed the No 10 jersey at QPR - worn previously by the likes of Stan Bowles, Rodney Marsh and Kevin Gallen.
The move, which will see the vacated No 7 seven shirt worn by new signing Park Ji-sung, has been welcomed by the Morocco international.
"This means a lot to me personally,' he said. 'I was happy with the "7" but I know "10" is very important at QPR. Special players like Bowles and Marsh have worn this.
"The club told me that the fans want me to have this shirt. So if this makes the fans happy too, it is even better for me."