Tottenham rejected a £10m bid for their winger from Southampton over the summer but the 23-year-old has found himself on the periphery this season so far.
He failed to impress on a rare start in the Capital One Cup quarter final win over Newcastle midweek and has started just once in the league this season.
QPR manager Harry Redknapp has been advised that funds are not freely available in January and the loan market may be his best chance of securing new recruits at Loftus Road.
The former Spurs boss is a big fan of Townsend and wants to capitalise on the player’s growing frustrations at White Hart Lane.
Were any loan deal to be made it would be the winger’s second temporary spell at Loftus Road in three years having spent the second half of the 2012-13 season with the club.
QPR find themselves in a similar relegation battle and while he was unable to help beat the drop on that occasion impressed those around the club with his performances.
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