Reports suggest O’Leary is interested in the job and will hold talks with Rangers’ woners Flavio Briatore, Bernie Ecclestone and Indian billionaire Lakshmi.
The 50-year-old has been out of football management since leaving Aston Villa in July 2006.
Iain Dowie was sacked by Briatore after just 12 games for QPR this season.
Roberto Mancini and Sam Allardyce have also been linked with the job.
