The Italian took charge at Loftus Road at the end of October with the club languishing in the bottom three in the Coca-Cola Championship.
A QPR statement said: "The club would like to place on the record their thanks to Luigi for his contribution to QPR and wish him all the best for a successful future."
Copyright (c) PA Sport 2008, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms