Rangers lie 17th in the table, just one point and one place clear of the bottom three, having won just five of their 20 top-flight games this season.
Warnock, who led them to the Championship title last season, has now been removed from the post, with former Fulham boss Mark Hughes strongly linked with the new vacancy at Loftus Road.
The Malaysian businessman, a prolific user of social networking site Twitter, responded to many comments by insisting the decision was not a "knee-jerk" reaction to the team's poor recent form.
"Not expecting all to be pleased but as a leader I have to make decisions. Indecision will kill everything. Time will tell if its the right decision."
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