Balanta arrived at QPR as a trainee in July 2007 and spent three months on loan at Wycombe Wanderers in the 2008/09 campaign, as they won promotion to League One, scoring three goals in 11 appearances.
"He was a revelation during his time at Wycombe during their promotion campaign, so hopefully he can come here and do the same sort of job," added Gorman.
"Angelo is only 19, but he has so much potential."
Balanta, who moved to England at the age of six, becomes Dons boss Karl Robinson's fifth pre-season signing.
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