Manager Harry Redknapp said on Tuesday that "the deal looks okay" when discussing the possibility of recruiting the France international for a reported fee of £7 million.
M'Vila was previously a target for both Arsenal and Tottenham and Redknapp went on to claim that Rennes "turned down £28m from an English club for him a year ago".
However, Rennes general manager Pierre Dreossi has now warned that rival clubs have come into the picture and QPR may have to increase their valuation of the midfielder.
He told Eurosport.fr: "The QPR offer is not sufficient ... other clubs have offered more."
