The two clubs have been in discussions over the last few days with Rovers keen to extend his loan until the end of the season.
But they want a definitive outcome to be reached over the weekend as they hope to have a goalkeeper in place ahead of next weekend’s trip to Blackburn Rovers in the FA Cup.
Lumley has been with Rovers since late October on an emergency loan basis which required a weekly renewal.
Emergency loans are not permitted during the January window, when clubs are expected to find a longer term solution.
Boss Darren Moore ideally wants to keep continuity with his goalkeeper, which has been a major factor in his determination to retain Lumley.
“We would like that continuity with Joe but we understand the situation with him,” Moore told the Free Press.
“We certainly hope we can have that continuation with Joe.
“The decision needs to be made pretty quickly and it will be made pretty quickly. We’re looking for a decision on that soon.
“We’ve had discussions and we’ve agreed to have more discussions with QPR on Friday.
“We’ll see if we can get a positive outcome from the situation and that is the number one priority at the moment.”
Lumley’s contract at QPR will expire in the summer. Despite being a regular for the Championship club over the previous two seasons he has found himself down the pecking order.