Hughes arrived at Loftus Road with advisor Kia Joorabchian earlier on Monday to hold talks with chief executive Philip Beard about taking over at the west London club.
Former Wales, Manchester City, Blackburn and Fulham manager Hughes, who has been out of work since his departure from Craven Cottage in June, has since been locked in talks.
Although the likes of Gianfranco Zola, Rafael Benitez, Roberto Di Matteo, Sven-Goran Eriksson and Steve Bruce have been linked with the position, Hughes has been the leading candidate from the off.
Speaking on Twitter, Bothroyd said: "Obviously sad to see the (manager) and Keith Curle go but Mark Hughes and his team would be a tremendous appointment."
It now appears a matter of the Welshman simply agreeing terms to become QPR's 14th managerial appointment, including caretakers, since Ian Holloway left in 2006.
Earlier today Beard made no secret of the fact Rangers wanted to move swiftly, with Hughes arriving for talks less than 24 hours after the announcement was made regarding Warnock's sacking.
"We'll try and move very quickly and get things sorted," said Beard on Sky Sports News.
"We've some very big games coming up, not least Newcastle on Sunday and then an interesting (FA) Cup replay, with hopefully another game against Chelsea in the fourth round if we can get through the next one.
"This is a project about building for the short, medium and long term, and our intention - very strongly - is to do everything possible to stay in the Premier League this season.
"Then to build and grow the club so we can fulfil some of the ambitions, not just for the people behind the club, but more importantly than anybody, the people who support the club."
A run of eight Barclays Premier League matches without a win, in which QPR mustered just two points, cost Warnock his job, leaving the club in 17th, one point above the relegation zone.
The 1-1 FA Cup third-round draw at League One MK Dons on Saturday, in which QPR grabbed a last-gasp equaliser, proved to be the final straw for owner Tony Fernandes.
Another of the reasons behind Fernandes' fast thinking is to give Hughes as much time as possible to act in the transfer market.
It is understood a sizeable kitty is available, with QPR already having had a bid of £5million rejected by Blackburn last week for defender Chris Samba.
Beard added: "We're already moving into the second week of January.
"The reality is there are some funds there and we've got to make the right purchases. It's a tricky month to try and make things happen.
"But our appetite is to bring one or two players in, if we can, to strengthen the squad, and the new manager will be part of that as soon as we can identify him and spend time looking at some of our targets."