Jordi Lopez's agent Alex Bonnot has admitted the midfielder is "very unlikely" to be at QPR this season.
Spaniard Lopez, 28, made 10 appearances for the west London club last season and opened talks after his three-month contract at Loftus Road expired.
But he was unhappy with the wages being offered and negotiations have ended.
Bonnot, a former QPR player, said: "Jordi really liked it at Rangers and could have stayed if the offer was right, but it wasn't."
Lopez had a spell with Real Madrid before winning the Uefa Cup with Sevilla in 2006.
He was signed by former QPR coach Paulo Sousa after being released by Mallorca earlier this year.
Sousa, who left Rangers in April, has been offered the Swansea manager's job.
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