"The club will be making no further statement at this stage."
De Canio joined QPR after spells at Udinese, Napoli, Reggina, Genoa and Siena.
The club were struggling at the bottom end of the Championship when he took over and he eventually led them to 14th place.
He now leaves with the club's wealthy owners of Flavio Briatore and Bernie Ecclestone - as well as the son-in-law of Indian steel magnate Lakshmi Mittal - set to fund a spending spree to launch a promotion assault next season.
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