"I have come here to do as much as I can for QPR in the Premier League," Vargas told the club's website (www.qpr.co.uk).
"The Premier League is the best in the world, the most exciting in the world, and I am looking forward to competing in what is a super-competitive division."
He becomes manager Harry Redknapp's sixth close-season signing and arrives at Loftus Road just one day after the club secured the signing of Dutch international midfielder Leroy Fer from Norwich City.
"Eduardo is a quality player. He's sharp, he's bright, and he's very lively on and off the ball," Redknapp said.
"He can play as a number nine, he can play in behind, he can play wide – he's very versatile. I really liked the look of him during the World Cup and he's a player our scouts have been looking at for some time."
Vargas is unlikely to be available for QPR's game against Tottenham Hotspur on Sunday as he must return to Italy while he awaits his working visa.
(Reporting By Tom Hayward; editing by Toby Davis)
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