The 59-year-old has been in charge at Loftus Road for three seasons and has been hailed by club chiefs for establishing “a style of play and a DNA” and moving the “club forward".
Warburton took on the role after a 19th place finish in the Championship. His first two seasons brought finishes of 13th and ninth, while the club sit tenth with two games remaining. Tonight’s fixture with Sheffield United will be his last home outing.
“It has been both a pleasure and a privilege to be the manager of Queens Park Rangers over the last three years,” he said.
“A manager’s aim must always be to leave the club in a better position than when he or she joined, and as my tenure in the role draws to a close, I hope very much that this is indeed the case.”
QPR have stated they are looking to build on the foundation put in place by Warburton.
“He has overseen the club during an unprecedented three-year period and has always conducted himself with the utmost integrity," the club’s chairman Amit Bhatia said.
“Mark has undoubtedly moved the club forward from one that was in the bottom half of the Championship table to one that challenged for a play-off place. He leaves the club in a better and stronger position than when he arrived, and I’m incredibly grateful to him.
“As we look to continue that progress, we must now make sure we build on these positive steps.”