We demonstrate a novel quantum dot based probe with inherent signal amplification upon interaction with a targeted proteolytic enzyme. This probe may be useful for imaging in cancer detection and diagnosis. In this system, quantum dots (QDs) are bound to gold nanoparticles (AuNPs) via a proteolytically-degradable peptide sequence to non-radiatively suppress luminescence. A 71% reduction in luminescence was achieved with conjugation of AuNPs to QDs. Peptide cleavage results in release of AuNPs and restores radiative QD photoluminescence. Initial studies observed a 52% rise in luminescence over 47 hours of exposure to 0.2 mg/mL collagenase. These probes can be customized for targeted degradation simply by changing the sequence of the peptide linker.