Cole joined Rangers as a 10-year old and has since progressed through the ranks and is likely to be Royce’s understudy next season.
Royce has signed a permanent deal after two previous loan moves to Loftus Road in which he made a total of 29 appearances.
Meanwhile, former Ranger’s Jamie Cureton and Tony Thorpe are on the verge of signing for Swindon.
The two forwards were released by the R’s at the end of the season and Robins boss Andy King has moved for the pair of selling star striker Sam Parkin to Ipswich.
They are expected to sign deals at the County Ground next week.