The midfielder's last act as a Rangers player was to score a last-minute equaliser in the club's 1-1 draw against West Brom in the third round of the FA Cup on Saturday.
However, with injuries restricting him to only seven appearances this season, Harry Redknapp decided to activate a clause in his contract and release the 34-year-old.
"I'd like to thank Kieron for his services to QPR," Redknapp said.
"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, who has had the latter part of his career ravaged by persistent fitness problems, signed for QPR on a free transfer from West Ham in July 2011 but made only eight appearances in total for the club.
The once-promising England international joined Newcastle from Ipswich in a £6.5 million deal in July 1999 but his career took on a downwards trajectory as injuries took their toll.