Neil Warnock meets with the club's hierarchy on Thursday to discuss plans for the summer and moves for the England pair are high among his priorities.
Liverpool forward Cole has endured a nightmare first season at Anfield after his free transfer from Chelsea last summer.
Audacious bid: QPR want Liverpool's Joe Cole
The 29-year-old is likely to be allowed to leave this summer and Warnock is ready to explore the option of bringing him back to London on loan.
Speculation over Adel Taarabt's future continues to linger and Cole is seen as a potential like-for-like replacement for the Morocco forward - though any deal would depend on Liverpool taking on a portion of his ?90,000-per-week wages.
Like Cole, Tottenham star Jenas, 28, has not been a consistent starter this season and Warnock is keen to sign the midfielder on loan.
Warnock wants to add top-flight experience to his squad next season and Jenas, as is the case with Cole, fits the bill.
Out of favour: Jermaine Jenas (right) has fallen down the pecking order at Spurs
Ipswich midfielder Jimmy Bullard and Spurs right back Kyle Naughton are also targets for Warnock.
The QPR manager held one-to-one meetings with his squad on Tuesday and, as predicted by Sportsmail, bit-part players Patrick Agyemang, Akos Buzsaky, Fitz Hall, Rob Hulse, Martin Rowlands, Rowan Vine and Danny Shittu have been told they can find new clubs ahead of the new season.
But Warnock has generally kept faith with the players who won promotion, with the majority of his first-team starters given a chance to be part of the club's Premier League plans.
Meanwhile, Rangers confirmed they would not be holding a parade to celebrate their Championship-winning season. And Sportsmail can reveal one of the key reasons behind the decision is that the event would have cost close to ?600,000.
No parade: QPR opted against forking out ?600,000 to celebrate their Championship win
The cost of policing, hiring an event management firm and paying for road closures sent the price soaring.
Hammersmith and Fulham Council would also have required a notice period of 21 days before the event and because of the FA hearing into Alejandro Faurlin's ownership, which could have cost Rangers promotion, it is understood the club decided against contacting the local authority about the parade in advance of last Saturday's decision not to dock points.
A council spokesman said: 'We are overjoyed QPR were promoted and we were keen on a parade but the club turned down the opportunity. We invited them to a civic reception.'
Rangers plan to have a celebration once the players return to pre-season training.
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Explore more:People: Martin Rowlands, Neil Warnock, Jermaine Jenas, Danny Shittu, Joe Cole, Jimmy Bullard, Kyle Naughton Places: Liverpool, London, Morocco, United Kingdom