The 35-year-old held talks with manager Harry Redknapp earlier this week following his return from Brazil, where he was as an analyst for BBC Sport.
Ferdinand, who previously played under Redknapp at West Ham, has signed a one-year deal at the Premier League club.
"I had a lot of offers from all over the world but the draw for me was to play in the Premier League," he said.
"It's not about money - I had loads of more lucrative offers available to me.
"I still feel I've got something to offer and I'm excited about helping this club cement its place in the Premier League."
League Debut: 5 May 1996 versus Sheffield Wednesday
Redknapp says Ferdinand will bring "quality, class, experience and know-how" to the QPR defence as the club prepare for life back in the top flight after winning promotion from the Championship.
"During his time at Manchester United, he was the best defender in Europe, if not the world," he told the QPR website.
"To bring him to QPR is a remarkable coup for the club."
QPR's first match of the season is at home to Hull City on 16 August.
Six Premier League: 2002-03, 2006-07, 2007-08, 2008-09, 2010-11, 2012-13
Two League Cup: 2005-06, 2008-09
* Was serving an eight-month suspension when United won 2004 FA Cup
Ferdinand was given his senior debut by Redknapp at the age of 16 and spent four years at Upton Park before signing for Leeds United in November 2000 for a record transfer fee of £18m.
He joined Manchester United in a £30m deal in July 2002 and spent 12 years at Old Trafford, making 455 appearances for the club.
He made his final appearance for the Old Trafford club in the 1-1 draw at Southampton in the final game of the 2013-14 season.
Rio last played under Harry Redknapp at West Ham United in 2000 
Rio won 81 caps for England scoring three goals and also had a period as captain 
Rio's younger brother Anton made 44 league appearances for QPR between 2011 and 2013 
Ferdinand was informed in the changing room at the end of Manchester United's last game of the season that his contract would not be renewed
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