The 31-year-old had 12 months remaining on his three-year contract but Rangers have taken up an option to release him after two.
Bothroyd moved to Loftus Road in 2011 on a free transfer from Cardiff but failed to impress in the Premier League, scoring just three goals in 25 appearances.
Rangers are desperate to trim their squad following relegation to the Championship and Bothroyd is the first of a host of players expected to leave.
He has been linked with Turkish clubs Fenerbahce and Besiktas.
A statement on QPR's website said: "We would like to thank Jay for his contribution and wish him all the best for the future."
Source: PA
Source: PA