The Mirror says Redknapp has persuaded the 35-year-old free agent to take a huge drop in the £200,000-a-week salary he picked up at Manchester United last season to move to Loftus Road.
However, even at the proposed reduced wage Ferdinand, who turns 36 in November, is considered too old by the QPR board.
The deal was agreed a fortnight ago with former England defender Ferdinand, in Brazil as a World Cup pundit for the BBC, ready to turn down lucrative media offers to prolong his playing career.
But confirmation has been delayed as the west London club try to reach a resolution
For the big stories and the banter follow us on Twitter: @tribalfootball