Maynard was killed after being struck by a London Underground train in the early hours of yesterday morning.
In a statement, Surrey said Maynard, the son of former Glamorgan and England batsman Matthew Maynard, was "an incredibly talented young batsman".
British Transport Police (BTP) confirmed a 23-year-old man, named locally as Maynard, had been hit by a train about 5.03am (2.03pm AEST).
"London Ambulance Service medics attended but the man, believed to be 23 years old, was pronounced dead at the scene," a BTP spokesman said.
The incident was being treated as "non-suspicious", the spokesman said.
Tom Maynard began his career with Glamorgan before joining Surrey at the start of last season and also played for the England Lions, the national A team.
He left after his father was forced out as coach of the Welsh county in 2010, saying his position had become "untenable".
Surrey's statement said Maynard was "an incredibly talented young batsman", who had "impressed in all forms of the game".
Maynard scored his maiden first-class hundred at Cardiff, Glamorgan's headquarters, last year and helped Surrey win the county 40-over tournament.
A first-class record of 2384 runs in 48 matches at 32.65 with four hundreds may seem modest but it was the way he compiled that tally which led him to be identified as an England prospect.
Surrey's statement added: "His future potential was unlimited, with experts both inside and outside the club predicting he would soon follow in the footsteps of his father Matthew by graduating to full England honours.
Surrey chairman Richard Thompson said: "There is a profound sense of loss at the passing of Tom. To lose anybody at such a young age is an utterly senseless tragedy."
England and Wales Cricket Board chairman Giles Clarke said: "This is a very sad day...Tom was a player of enormous potential who had already represented England Lions and had an exciting future ahead of him
"Our hearts go out to the Maynard family for their tragic loss and we send them and all Tom's many friends and colleagues within the game our deepest sympathies."
Surrey's Twenty20 game against Hampshire at The Oval, scheduled for tomorrow, has been postponed as a mark of respect.
Meanwhile England, who trained at The Oval - Surrey's headquarters - ahead of today's second one-day international against the West Indies at the London ground, cancelled a media conference.
This was the third time a transport tragedy had claimed the life of a young Surrey cricketer in the last 15 years.
In 2002 Ben Hollioake, already an England all-rounder, died aged 24 in a car accident in Perth.
His passing came after Graham Kersey, a 25-year-old wicket-keeper, died on New Year's Day 1997 after he too was involved in a car crash in Australia.
Other England cricketers also offered their condolences on Twitter.
"Tragic news that a great lad, Tom Maynard is no longer with us. All my thoughts are with his family at this awful time “former captain Andrew Flintoff wrote.
Michael Vaughan, who also skippered England, said: "Thoughts are with Matt Maynard and his family. Words can't describe the terribly sad news that Tom Maynard has died aged 23...
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