Inter and West Ham had already reached an agreement to take the player on loan with option to buy at the end of the season, but this was halted by Parma, who still own 50 per cent of his contract.
Parma would prefer to send the Algeria international to Serie A minnows Sassuolo rather than to London.
According to Sky Sport Italia, the Hammers have responded by increasing their offer to £8m (€11m) to buy Belfodil outright.
However, QPR are also in the frame, as confirmed to the Daily Mail by manager Harry Redknapp.
“Belfodil is a player who we are interested in. I know that there is also West Ham, but frankly I can't say more, I do not know how things are evolving.
“Our CEO Phil Beard has developed contacts with Inter, but I cannot really say where we are.”