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QPR are mourning the loss of Ray Jones
The Championship club postponed Saturday's match at Burnley following the death of the young forward.
A statement said: "QPR is in mourning following the tragic news that striker Ray Jones died in a motor accident in the early hours of Saturday morning."
The 18-year-old England youth international was involved in an accident in East Ham and was pronounced dead at the scene.
The club said the collision occurred at about 0020 BST on Saturday in High Street South, East Ham.
Police confirmed Jones was one of three people to have been killed in the collision between a black Volkswagen Golf and a double-decker bus.
One of the two other fatalities was also pronounced dead at the scene, while the third was taken to hospital in a critical condition, where he later died.
The car's two remaining occupants were also transported to hospital and one is in a serious condition and the other is described as walking wounded.
Police are awaiting details on whether anyone on the bus was injured and are appealing for any witnesses.
QPR's statement continued: "Everyone at Queens Park Rangers extends their deepest sympathies to the family and friends of Ray at this sad time."
Chairman chairman Gianni Paladini added: "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 QPR.
"Our thoughts at this time are with his family and friends. We will be doing everything we can to help them through this terrible time."
Jones, who last season earned a call-up to the England Under-19 squad, was set to miss the match against Burnley because of a foot injury.
He joined the club at the age of 15 and made his professional debut against Watford in April 2006, going on to make 35 appearances in all competitions last term - scoring six goals.
QPR rejected a £200,000 bid from Colchester for Jones at the end of last season.
He had yet to feature this season but was highly rated by QPR and had also attracted interest from Premier League clubs.
But Jones, who would have been 19 on Tuesday, signed a three-and-a-half year deal with QPR in January.
Football League head of communications John Nagle said: "This is tragic news. Ray Jones was just at the start of his playing career but he had already shown tremendous potential.
"The thoughts of everyone at the Football League and its member clubs are with Ray's family and friends, as well as all his colleagues at QPR."
Last year QPR were struck by tragedy when youth team player Kiyan Prince was stabbed to death outside his school at the age of 15.
