Granero spent last season on loan at the Spanish side but a bad knee injury restricted him to four appearances.
"The 27-year-old ... has penned a long-term contract after QPR accepted an undisclosed fee from Real for his services," read a statement on the London club's website (www.qpr.co.uk).
Granero arrived at Loftus Road from Real Madrid in 2012, making 28 appearances in a debut campaign in which Rangers were relegated from the Premier League.
(Reporting by Tom Hayward, editing by Tony Jimenez)
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