Hoops are desperate to add more firepower to their thin forward line, and Whites want to to do a deal for a player out of contract in the summer.
Smith joined Fulham from Leeds in 2014 ostensibly to rekindle the successful relationship between himself and Ross McCormack at Elland Road.
He was sent off 19 minutes into his debut at Reading, and was further hampered by a serious cruciate injury at Hull at the beginning of last season following a loan spell at Bristol City.
But he started like a house on fire this term with goals in the first two games that netted Fulham six points, only to find his place taken by Chris Martin, on loan from Derby.
Since then, Smith has made only 15 more appearances, mostly from the bench.
"We’ve got loads of things spinning at the moment," QPR boss Ian Holloway said.
"We’ve got the money, but we couldn’t release something so he couldn’t play. That’s methodical and that’s good."
"If I can get someone that’s right to play with Conor Washington, I think he’s going to score.
"We had two up (against Burton), and he scored, but I need those choices. It's not easy to get centre forwards in the window."
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