Moroccan international Taarabt had attracted the interest of the Ligue 1 side, who were said to have made an offer of around £9 million for the QPR star.
The playmaker, who first arrived in England with Tottenham Hotspur in January 2007, has also been linked with London rivals Chelsea and Arsenal this summer.
But on Saturday the Loftus Road side confirmed they would not be cashing in on their star man, with the club set to embark on their first season in the Premier League in 15 years.
"We rebuffed all approaches and indeed, we are keen to build for the future and not sell one of our prized assets," club owners Bernie Ecclestone and Flavio Briatore said in a statement on the club's website.
This snub has left the 22-year-old frustrated, but he insists he is looking forward to testing himself in English football's top flight.
"I want to go to Paris, but if it is not sorted out this weekend then it won't happen," Taarabt told L'Equipe.
"The QPR board are fed up with the situation. This has gone on for two months.
"If I have to stay in London, I will be able to look forward to the Premier League."
"Of course it is disappointing because I wanted to come. The project interests me a lot.
"In England I will earn more money, but Paris is the capital of France. If I exploded onto the scene there, it could be extraordinary.
"It felt like fate would take me to PSG. Paris was a great opportunity."
Taarabt's stated desire to move to the Ligue 1 side is at odds with previous claims that he was not interested in returning to the French league.
Speaking last month, he said: "Why should I go to France and play some games in front of 7,000 people? I like it in England. The stadiums are full all the time."
