Shaun Harvey, chief executive of the Football League (FL), which governs the second to fourth tiers of English football, said on Tuesday that it has the right to refuse readmission to their competitions to clubs who do not pay outstanding fines.
Under the FL's rules, QPR, who returned to the Premier League this season, would be fined about 54 million pounds if their losses during their promotion campaign matched their 2012-13 figure of 65.4 million.
"Theoretically that is the position," Harvey said at the Soccerex Global Convention.
"I would hope there would be a resolution long before that option even had to be considered. We are satisfied we still have the ability under our regulations to charge them for a breach of our rules whilst they were in membership."
QPR, who were won promotion straight back to the top flight, are set to release their financial results later this year.
Under the FL's rules, clubs were allowed losses of 8 million pounds in 2013-14, with fines on losses above 18 million imposed on a pound-for-pound basis.
"Most clubs (in the Premier League) will become a Football League club again," said Harvey.
"QPR will be hoping it does not happen for some considerable number of seasons. But the chances are they will need to return to the Football League fold at some point in the future.
"Certainly, three of the current 20 clubs that are in the Premier League will be in the Football League next season."
QPR chairman Tony Fernandes has previously vowed to fight any fine imposed by the Football League.
(Reporting by Mike Collett; writing by Toby Davis; editing by Ken Ferris)
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