The 34-year-old has been one of the Hoops' stand-out players since their return to the top flight, netting seven goals in 12 Premier League appearances.
Helguson's future at the west London club had looked in doubt in the summer, but impressive performances have seen him rewarded with a new deal until 2013.
"I fought tooth and nail to keep Heidar here over the summer, because I knew he could be a threat for us in the Premier League," QPR manager Neil Warnock told www.qpr.co.uk.
"He's proved time and again what a good player he is. He's more than earned this new deal. No-one deserves it more.
"He's a credit to his profession and it couldn't happen to a nicer lad."
He added: "We know he's not going to play every game at his age, which is why we need to add to our options in that department.
"It's something we're working on and we're quite hopeful we'll be successful in our pursuit."
While the QPR boss is hopeful of making some additions in the January transfer window, Warnock also revealed he hopes to tie up new deals with those whose contracts are coming to an end.
"With a little bit of luck hopefully we can get one or two more of the lads that are here to sign new contracts over the next few weeks," he added.
Source: PA
Source: PA