The playmaker admitted he was resigned to leaving the club this month while Warnock was still in charge but is now looking forward to reviving his Rangers career.
The 22 year old, who is currently in Gabon with Morocco's African Cup of squad, backed the decision to dismiss Warnock.
"I think we needed that," Taarabt told BBC Sport. "I had good years with Neil Warnock but we were in a bad position."
Saturday's win over Wigan Athletic hauled QPR out of the Premier League relegation zone.
Taarabt, who was linked with Paris Saint-Germain last summer, added: "I think if Mark Hughes was not coming in, maybe I was leaving in January. I spoke with the chairman and the situation now has changed. They want to keep me and we're going to have a discussion when we come back.
"Mark Hughes is a great manager and I think the chairman is giving him money so he's buying players.
"I'm going to meet him and see what's going to happen."
Taarabt joined QPR from Tottenham Hotspur at the start of last season after a successful loan spell and was the star of their Championship-winning side.
But he struggled to translate that form into the Premier League, with Warnock persistently questioning the player's attitude and dropping him from the side.
* Press Association