Dyer joined QPR in July 2011 and made his debut on the opening day of the Premier League season Aug 13, 2011. But he only played for three minutes before being stretched off the pitch with an foot injury, reports Xinhua.
"I'd like to thank Kieron for his services to QPR," the team's manager Harry Redknapp said on the club's official website Tuesday.
"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."
Dyer's only goal for the club when he helped QPR tie 1-1 with West Bromwich in the FA Cup Saturday.
The 34-year-old also has played for Newcastle United, West Ham United, Ipswich Town and has earned 33 caps for the England national team.