"We've been guided by the safety officer and the referee," Magilton said.
"The rain hasn't stopped - the groundsman and his staff have done everything they can to get the game on, but unfortunately the weather has won.
"We apologise to the fans who were probably looking forward to a good game, both our own and the Palace faithful.
"It's just one of those things.
"It's a home game and we were looking forward to it but we've got to accept the decision."
For photos of the Loftus Road Ground on Tuesday evening Click Here