Having played an integral part in helping the west London club return to the top flight for the first time in 15 years, the Moroccan midfielder has been linked with a switch away from Loftus Road.
However, the former Tottenham man, 22, revealed helping Neil Warnock's men battle to retain their place among England's elite is also appealing.
Speaking to L'Equipe, Taarabt said: "QPR will demand ?10million for me, and for now, the clubs do not move too much.
"I had contact with Arsenal and Chelsea, but it is a little muddled [difficult]. Arsenal have not yet sold [Cesc] Fabregas, and as for Chelsea, they do not yet have a coach, so we will see.
"I would like to stay in London - it is the best city in the world, and with Queens Park Rangers? Why not?
"When I talked with the coach, he told me the club would aim to be in the top eight."
Warnock is keen to bolster his squad ahead of the new campaign.
England striker Jay Bothroyd, who is a free agent after leaving Cardiff, is a potential target, along with Blackpool's DJ Campbell.
While the QPR boss has played down reports he is set to move for AC Milan veteran defender Nicola Legrottaglie, ?3million-rated Real Valladolid striker Javi Guerra is another said to be on the radar.
Whoever Rangers bring in, defender Fitz Hall maintains the Premier League newcomers should have nothing to fear for the challenges ahead.
The 30-year-old - who has Premier League experience from his time at Southampton, Crystal Palace and Wigan - sees no reason why the west London club should not be able to hold their own next season.
"We can do well next season. The gap between the Premier League and the Championship is definitely closing," Hall told qpr.co.uk.
"The sides that were promoted last season all did well and even though Blackpool got relegated, they were flying at the start of the season and surprised a few people.
"It gives everyone hope.
"I don't think many people gave them that much hope, but for them to go to the last game of the season and still be in with a shot of staying up certainly does.
"If that's anything to go by then we'll definitely fancy our chances."
Source: Team Talk
Source: Team Talk