He can sign a pre-contract agreement with other clubs from January, with a tribunal then setting a fee because at 18, he cannot move on a Bosman free transfer.
"We broke our back to try to keep him. We have done everything we possibly can," said R's chairman Gianni Paladini
"We have offered him about eight contracts but every single time we have heard from his agent that Ray won't be signing.
"Ray would have got much more money than other youngsters here but he still won't sign.
"The money being asked for is ridiculous. It's much more than young Jimmy Smith gets and he's here on loan from Chelsea - one of the richest clubs in the world.
"It would also involve a lot of money going to an agent and I don't want that."
And Paladini insists that even if Jones agrees a move to another club next month, Rangers will keep him until his contract runs out.
He said: "We turned down a derisory offer from Fulham and if anyone wants to sign Ray Jones they'll have to go a tribunal.
"He won't be going in January. He can sign for another club then but he won't be able to play for them this season.
"He's an England Under-19 international and a first-team player. We will expect a tribunal to take that into account.
"I'm very disappointed. In John Gregory he has a manager that loves him and he's playing in our first team. If he goes elsewhere he will end up playing reserve-team football.
"Why doesn't he just sign and stay here for two or three years? I think he has been very badly advised."