Acquiring Granero would be a huge coup for the west Londoners, who have been the busiest of all the Barclays Premier League clubs in the summer window. The 25-year-old has impressed on the few chances he has had at the Bernabeu after moving from Getafe in July 2009.
The deal to sign Granero is subject to the player agreeing personal terms and passing a medical.
Should he do so, then he will join the likes of goalkeeper Julio Cesar and midfielders Park Ji-sung and Junior Hoilett in signing for Mark Hughes' men since the end of last season.
Another possible player coming in is Marseille's Cameroon international Stephane Mbia.
Mbia, who can play at centre-half or a defensive midfield role, claims he is close to a move to Rangers after snubbing a switch to Fenerbahce.
Having won Ligue 1 in 2010 and three successive Coupe de la Ligue titles since moving from Rennes, he admits he is leaving with a heavy heart but is relishing his new challenge.
"Marseille is still in my heart," he said. "I won my first titles here. I have chosen Queens Park Rangers despite a last-minute bid from Fenerbahce."
There was no comment from QPR over Mbia when contacted by Press Association Sport.
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