Briatore in talks for English football team
Widespread reports last week said the 57-year-old Italian was in talks about a $50m deal.
British tabloid The Sun on Friday quotes QPR chairman Gianni Paladini and a spokesman for Briatore as confirming the news, with the deal set to be completed early next week.
"It's a dream come true for QPR fans and saves this club from liquidation," Paladini said.
"Mr. Briatore wants to do for QPR what Mohamed Fayed has for Fulham and turn us into a Premier League club."
Briatore's spokesman said: "Mr. Briatore is looking forward to being involved with English football.
"QPR is a club with a rich history and fine future now."
08/10/07 (GMM) Renault boss Flavio Briatore is in "advanced talks" about taking over the west London football club Queens Park Rangers, according to reports.
The Times in Britain said the deal could be worth about (US) $50 million, including taking on the club's substantial debt, with QPR reportedly trying to avoid falling into administration.
Flamboyant Italian millionaire Briatore, 57, is not a renowned football fan but two years ago he was linked with a failed bid together with F1 supremo Bernie Ecclestone for Chelsea.
Earlier this year, he scoffed at reports that he was preparing to bid for the Italian football club Parma.
"Such a project does not figure in my plans either for now or in the future," he said then.
Ecclestone is currently thought involved in a bid for yet another famous London club, Arsenal.
Briatore, meanwhile, is believed to have attended a QPR match recently, and promised club manager John Gregory a player budget of about $20m.