The 34-year-old former England international joined Rangers in July 2011 following his release by West Ham.
Dyer, whose career has been beset by injury, made just eight appearances in all competitions for QPR, who opted to activate the release clause in his contract despite his goal in Saturday's 1-1 draw with West Brom in the FA Cup.
"I'd like to thank Kieron for his services to QPR," manager Harry Redknapp told the club's official website.
"If he can stay clear of injuries I'm sure there's clubs out there that will offer him the chance to play football.
"He wasn't in my plans and I think he's got something to offer someone, so we wish him all the best."
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- West Brom