The 49-year-old Welshman only narrowly avoided relegation after taking over from Neil Warnock in January and has fallen foul of his employers having spent heavily over the summer and failing to secure a Premier League win this term.
His dismissal leaves Harry Redknapp, who revealed he was in talks over taking charge of the Ukraine international side earlier this week, a clear favourite to take the Loftus Road hot-seat.
A QPR statement read: "The board of directors wish to thank Mark for his commitment, hard work and dedication in his ten months in charge.
"Mark has shown integrity and professionalism throughout his time here, but ultimately the circumstances we find ourselves in have left the board of directors with very little choice but to make a change.
"The board will now be working actively to put a new managerial structure in place as soon as possible.
"Mark Bowen and Eddie Niedzwiecki will take charge of the Rs trip to Manchester United in the Barclays Premier League on Saturday afternoon. The club will be making a further announcement in due course."
Hughes' final game in charge was a demoralising 3-1 home defeat to newly-promoted Southampton, who cut their hosts four points adrift at the bottom of the Premier League.
Mark Hughes' sacking at QPR makes him the latest Manchester United graduate of the Sir Alex Ferguson school of management to come up short.
"Queens Park Rangers Football Club has terminated the contract of manager Mark Hughes with immediate effect," the club announced on their official Twitter page earlier today.
Those most likely to offer him a return to management will now be outside the Premier League with Roberto Di Matteo still parading his Champions League winning CV around.
With Di Matteo already gone, Mark Hughes following suite, Who is next...?
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