Dom Ball has signed a new two-year contract at QPR.
Defender Masterson has since signed a three-year contract.
Kakay and Dieng are close to agreeing terms and are expected to put pen to paper soon.
Ball, 25, was signed on a two-year deal in 2019 and has since made 32 Championship appearances. He is now under contract until 2022.
Right-back Kakay, 23, has been with Rangers since the age of eight.
Swiss stopper Dieng, 25, was signed four years ago after leaving Grasshoppers.
He impressed while on loan at Doncaster last season, having previously done well during loan spells at Dundee and Stevenage.
There is some doubt over the future of Joe Lumley given that fellow keeper Liam Kelly has three years remaining on his QPR contract and Dieng is now pushing for a first-team place.
Like Dieng, Lumley is in the final year of his contract.
Rangers are currently minded to offer Lumley a new deal but would consider any bids made for him while the transfer window is open.
Lumley was given the nod by manager Warburton to play in Saturday’s win over Nottingham Forest.