The 20-year-old has performed well while on loan at Championship sides MK Dons and Derby last season having scored 22 goals.
QPR managed by Harry Redknapp is hoping to partially fill the void left by Loic Remy who signed for Liverpool FC by signing the youngster on a loan spell.
The youngster signed for Chelsea from Nottingham Forest for £1.5m in 2012 and has been a regular in England’s Under-21 international matches.
He has been impressive throughout his time in Chelsea and is looked upon as a very good prospect for Chelsea’s future.
Chelsea manager hopes to keep the youngster so that he could learn better from the likes of Diego Costa and Fernando Torres but would let go of the player for him to attain some first-team experience.