Hughes was sacked by QPR chief executive Phil Beard shortly before training on Friday morning and, having declined to continue for one final match against Manchester United on Saturday, had the remaining 23 months of his contract terminated.
Redknapp confirmed that he was in formal talks with QPR yesterday and, having reached a verbal agreement, the details of his 2½-year contract were being finalised last night.
Redknapp plans to be at Old Trafford today to watch QPR play United, and will then be unveiled to the media on Monday ahead of the match against Sunderland at the Stadium of Light on Tuesday.
After spells at West Ham, Portsmouth, Southampton and Tottenham, Redknapp will manage his fifth Premier League club.
“I’m looking forward to it,” the Telegraph quoted Redknapp, as saying to a British channel.
“It’s a big challenge and a tough job to take on - but I’m up for the challenge,” he added.