The evidence against the West London club is said to be damning and they could now end up in the play-offs.
The only winners would be Cardiff and Norwich who could then go up automatically.
The hearing into the signing of the Argentine midfielder two years ago begins next Tuesday and a verdict will be delivered three days later.
A four-man panel will comprise an independent QC, two from the FA's disciplinary panel and a football expert who will be either a former player or boss.
In theory, they should begin with a blank sheet of paper but many at the FA are openly discussing the case and reckon QPR - five points clear at the top of the table - are in big trouble.
Those who have seen the evidence say Rangers are defending the indefensible.
An FA source said: "There's no question QPR have broken the rules. They know it as well. The only debate is what to do about it.
"If they aren't found guilty you might as well scrap the rules about third-party owners."
Some within the corridors of power believe QPR should be hit hard because they were well aware they were acting outside the regulations.
When West Ham were punished over the Carlos Tevez affair they were actually found guilty of failure to disclose information - not of breaking third-party ownership rules because such legislation did not exist.
Since then the FA have made third-party ownership illegal so the argument is QPR were worse offenders because they were well aware they were committing an offence.
If Neil Warnock's side are found guilty they will have seven days to appeal. However, if QPR take legal action or other clubs decide to seek legal avenues because of points they lost when Faurlin played against them, the whole issue could drag on throughout the summer.
The nightmare scenario could even be that the Championship promotion play-offs do not take place at all until the issue is resolved.