The 22-year-old left Ewood Park to join the R's after his contract expired and the two clubs have now agreed an initial fee of 3million, which could rise by 1million depending on appearances.
Rovers also revealed they will be entitled to a sell-on fee should the Canadian winger depart Loftus Road for a fee higher than that which the Premier League club have paid for his services.
Had the clubs been unable to reach an agreement, the fee would have been determined by the Professional Football Compensation Committee.
Hoilett came through Blackburn's academy and made 92 first-team appearances for the Lancashire club before signing a four-year deal at QPR.
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