Redknapp's current deal expires at the end of the current season but it looks like the experienced manager will be staying with the Loftus Road club for another campaign at least.
The 67-year-old, who has previously managed Bournemouth, West Ham, Portsmouth, Southampton and Tottenham, took charge at QPR in November 2012.
He inherited a side who were struggling badly in the Premier League and was unable to stave off relegation but the west London side returned to the top flight at the first attempt when they won the Championship play-off final in the spring.
Ferdinand, who was on the coaching staff at Tottenham until June, is to be made director of operations and football development at Loftus Road, and it is believed he will focus most of his work on the academy.
Ferdinand made 163 appearances for QPR between 1987 and 1995, and the former England international forward is a very popular figure with the club's supporters.
Rangers, who travel to Old Trafford to face Manchester United on Sky Sports' Super Sunday this weekend, are 12th in the Premier League table after the first three games of the season.
They beat Sunderland 1-0 at home in their last outing, having lost to Hull and Tottenham in the league and also away to Burton Albion in the Capital One Cup.
