An accurate estimation of both rotor and stator resistances is usually required to achieve high performance control in induction machine drive systems. In our study, an output feedback predictive controller which is adaptive with respect to these parameters uncertainties is proposed. Such design attempts to a fully decoupling in speed and flux magnitude when conjoint estimation of the state and the critical parameters is performed. Precisely, two-stage of high gain observer are used to provide on-line update of rotor and stator resistances as well as following time evolution of the rotor flux and the load torque. Then, the instantaneous estimates are exploited in a constrained predictive controller for achieving the admissible tracking objective. The little number of the synthesis parameters and the ability of the control scheme to handle input constraints constitute the two main benefits of our design. Simulation results show that the proposed controller is suitable for high dynamics performance applications.