Reports say they will pay £1 million for QPR's shares and take on £13 million of debt. The pair will also loan the club £5 million - partly to buy new players.
The board has urged shareholders to accept the deal, saying it represents QPR's best chance of winning promotion to the Premier League "in time".
Under the terms of the offer, Gianni Paladini will remain as chairman but Antonio Caliendo and Franco Zanotti have agreed to resign from the board.
Mr Briatore said the duo were delighted that their offer had been recommended by the QPR board."
QPR was listed on the stock market in 1986 but hit hard times financially, and in 2001 was forced into administration and taken private.
The club was one of the founding members of the FA Premier League in 1992, and had Premiership status for four years before being relegated in 1996.
