The former Coventry City boss had been walking a tightrope with volatile owner Flavio Briatore, who is reported has having a very keen interest in team affairs and today was sacked by the West London club.
There is currently no news as to whether Tim Flowers and John Harbin have been dismissed as well.
It's not all bad news for Dowie, who is to get a £1m pay off from the dismissal.
Gareth Ainsworth will be in charge for QPR's game against Reading tomorrow.