QPR chairman Gianni Paladini has described Ray Jones as having had "the world at his feet" after the young striker was killed in a car crash.
Jones, who was due to celebrate his 19th birthday on Tuesday, died following the accident in London in the early hours of Saturday morning.
A regular first-team member last season, Jones was considered one of Rangers' brightest prospects and had already boasted a call-up to the England Under-19 squad.
It is also believed he was being monitored by clubs in the Premier League.
Paladini said on the club's official website: "We are all shocked and saddened by the news. It's a huge loss for this football club.
"Ray had the world at his feet and he will be sorely missed by everyone connected to Queens Park Rangers.
"Our thoughts at this time are with his family and friends and we will be doing everything we can to help them through this terrible time."
Police have confirmed Jones was one of five occupants of a black Volkswagen Golf which collided with a double-decker bus at approximately 12.20am in High Street, East Ham.