The drawn-out saga came to a head when Bristol City were forced to sell after Freeman refused to play at Burnley on Saturday.
In the last six months of his contract, it was a case of sell or watch the 24-year-old walk for nothing at the end of the season.
Freeman is eligible to play at Newcastle on Wednesday night, while Ollie hopes he can produce the skills his latest signing showed at Ashton Gate.
“I’ve been a great admirer of Luke’s for a long time,” the manager said. “I’ve seen a lot of him as he’s gone from strength to strength at Bristol City, so I’m really pleased he’s on board now.
“His creativity is something I think we’ll really feel the benefits of – he’s got a wand of a left foot.
“He can play in three or four positions too, which is really beneficial for us.
“I think he’s a leader on the pitch too because of the way he always wants the ball – and I think QPR fans will love him for that because he will wear the Hooped shirt with pride.”
Freeman, who will wear the number two shirt told the club's official site why he joined.
“I feel there’s great potential for me to improve here as a player and kick on from what I’ve achieved in recent years with Bristol City,” he said.
“I’m hungry, enthusiastic and determined to keep improving. I can’t wait to get going for QPR now.”
Freeman added: “The manager and Les (Ferdinand) really sold the club to me and what they want to do here over the coming years.
“When two men who have played for the club speak to you about what they want to achieve in the future, you can’t help but listen – and their passion for QPR really shone through.
“As a new player coming into a new club, that’s fantastic to hear.”
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