Vargas attracted interest from several top teams after helping Chile to the knockout stages of the World Cup, but QPR manager Harry Redknapp has persuaded him to move to Loftus Road.

"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."

The deal for Vargas comes 24 hours after Dutch midfielder Leroy Fer completed his move to QPR from Norwich for �8 million.

Both signings will bolster a QPR side that suffered a disappointing 1-0 home defeat against Hull on the opening day of the Premier League season following their promotion via the Championship play-offs in May.