He has been watched by several Premiership clubs but no serious offers for him were tabled, and Jones has now agreed to put pen to paper.
"I've always stated that my intentions were to stay at QPR, so I couldn't be more delighted," Jones told Rangers' website.
"I'm just glad it's all sorted and I can get back to doing what I love more than anything else - playing and scoring goals for Queens Park Rangers."
He added: "John Gregory has played a big part in my decision to stay here and now it's up to me to repay both him and the board for the faith they've shown in me.
"I'm here to score goals and hopefully that will go hand in hand with helping QPR progress in the Championship."