The centre-back joined the London club on a free transfer last summer.
The 35-year-old, however, spent most of the campaign on the sidelines due to persistent injuries.
Balogun made 13 league appearances for the Hoops.
Leon Balogun
He took to social media to thank his former teammates, the club and supporters for their love during his time at Loftus Road.
“Thank you to everyone at @officialqpr – the staff, the players and you the supporters,” he tweeted.
“Despite everything that has happened throughout this very difficult season, I’ve really enjoyed my time at the club.
“I’m wishing you nothing but the best for the future you Rsss 🔵.”
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