Saturday's Championship game at Burnley has been postponed as a mark of respect for the 18-year-old.
"Everyone at Queens Park Rangers extends their deepest sympathies to the family and friends of Ray at this sad time," read a statement from Rangers.
"QPR is in mourning, we ask you to respect our wishes as we grieve for our young striker."
Jones had been at the club since he was 15, and made his senior debut in April 2006.