Beale was approached by Wolves last month to take over at Molineux following the sacking of Bruno Lage.
But after QPR accepted a request from Wolves to hold talks with Beale - he turned down the move citing 'integrity and loyality' as the reasons for deciding to stay at Loftus Road.
However, just over a month late Beale could be set to depart London for Glasgow - where he served as assistant manager to Steven Gerrard between 2018 and 2021, after the departure of Giovanni van Bronckhorst.
Beale, 42, who followed Gerrard to Aston Villa before taking the QPR job, has become the runaway leader with the bookies to land the Ibrox job - and according to reports QPR are expecting Beale to depart.
Interest in Beale has been high from a number of clubs after taking QPR to the top of the Championship earlier in the season.
However, since the Wolves approach is side have lost four of their last six games.