But a dressing-room witness has claimed there was no headbutt and Buzsaky merely took exception to Magilton's forthright post-match opinion.
Yet the club have sided with Buzsaky while Magilton looks set to become the latest in a long line of managerial casualties at Loftus Road.
"Buzsaky and his agent have basically said 'either he goes or I go'. It's all about player power," said the source
"There was no headbutt, nothing like it. Akos was actually sitting down at the time," said the source.
"It was exactly the sort of discussion you'd expect after a disappointing defeat. Jim bent down to speak to Akos, it got a bit heated, forehead to forehead, and (coach) Keith Ryan told Jim to move away. Jim did, but then Akos got up and ran out of the dressing room.
"(Assistant boss) John Gorman told him not to be so stupid and to come back inside. But he refused."
Buzsaky is said to have then spent half an hour wandering around a stand at Vicarage Road, in view of a room full of journalists.
Magilton, who told reporters after the game the incident was down to "a difference of opinion", put his side of the story to Briatore on Tuesday but was told on Wednesday morning he had been suspended and not to show up at the club's training ground.
The former Ipswich boss also spent much of Tuesday attempting to speak to Buzsaky in a bid to heal the rift, but the player did not answer his calls.
Gorman and reserves boss Ryan have walked out in support of Magilton, who insisted: "I categorically deny any allegation of wrong-doing."
Yet Rangers appear to be backing their player, issuing a statement denying Buzsaky had handed in a transfer request and quoting the 27-year-old as claiming he was "focused on our next fixture against West Brom on Monday night".
It is also understood that when Gorman asked for a show of hands from the players in support of Magilton, and none raised their hands, club director and Briatore's right-hand man Gianni Paladini was also present in the room.
Magilton is the fifth permanent manager to work under Briatore in the two years since the Italian took over.
Former Middlesbrough boss Gareth Southgate has already been linked with the role. Youth coaches Steve Gallen and Marc Bircham have been placed in temporary charge.
West Brom 8/11, Draw 5/2, Q.P.R. 4/1