The 34-year-old has made five appearances for the Hoops this season after recovering from ligament damage in his foot which sidelined Dyer for the majority of the 2011/12 campaign.
Despite the former England international’s minimal contribution to QPR’s successful battle against relegation last season, former R’s boss Mark Hughes offered Dyer a one-year contract extension in May.
But Hughes’ successor, Harry Redknapp, deemed Dyer, who has made a total of eight appearances since joining the club in 2011, surplus to requirements at Loftus Road.
“I’d like to thank Kieron for his services to QPR,” said Redknapp.
“If he can stay clear of injuries I’m sure there’s clubs out there that will offer him the chance to play football.
“He wasn’t in my plans and I think he’s got something to offer someone, so we wish him all the best.”
Dyer scored a late equaliser in his final appearance for the Hoops as they drew 1-1 with West Bromwich Albion in the FA Cup third round at Loftus Road on Saturday.
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