Taiwo joined AC Milan from Marseille last summer but has failed to establish himself.
He will be a useful addition for Mark Hughes as he looks to lift QPR up the table.
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The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.
Five English clubs will compete in the last sixteen of the Champions League for the first time ever as Liverpool, Manchester United, Manchester City, Chelsea and Tottenham face some difficult away matches.