Moroccan international Taarabt attracted the interest of French Ligue 1 club PSG, who made an estimated offer of around £9 million having been impressed by his key role in helping QPR win promotion last season.
The playmaker, who first arrived in England with Tottenham Hotspur in January 2007, has also been linked with London rivals Chelsea and Arsenal in recent weeks.
But the West London side have now confirmed they will not be cashing in on their prized asset, ahead of their first season in English football's top flight 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," said Bernie Ecclestone and Flavio Briatore in a statement on the club's website.
"Our decision not to sell him only serves to reiterate the ambition and commitment we have both shown to QPR since we arrived here."
Meanwhile, Rangers manager Neil Warnock, who has described the 22-year-old as "talented, exciting and frustrating," will stay on at the club after a discussion on the future with the owners.
"We are aware of some issues that have been raised in the press by the coach, but we have discussed these with him internally and he has agreed to be more reserved in terms of what he discusses in the future," added the statement.
The owners also said they aimed to add Wales international defender Danny Gabbidon to the squad after a trial.
