QPR have announced that they will not sell their captain Adel Taarabt during the current transfer window.
The 22-year-old Moroccan playmaker was pivotal in helping Rangers win last season's Championship and, with it, promotion to the Premier League.
Taarabt had been linked to numerous European clubs with Paris St Germain reportedly close to completing a deal.
However, a club statement said: "We are keen to build for the future and not sell one of our prized assets."
Taarabt, who scored 19 goals last season, picked up the Football League Player of the Year award for his performances and, as a consequence, speculation linking him with a move away from Loftus Road this summer grew.
But QPR's majority shareholders Bernie Ecclestone and Flavio Briatore have now blocked any move.
Their statement continued: "Despite receiving a substantial bid for our Moroccan international, we rebuffed all approaches.
"Taarabt is fully committed to the club and our decision not to sell him only serves to reiterate the ambition and commitment we have both shown to QPR since we arrived here.
"Should we have decided to sell Taarabt this summer, we made it clear to [manager] Neil Warnock that we would reinvest funds into the squad.
"We have backed Neil Warnock in bringing in his two top targets, Jay Bothroyd and Kieron Dyer, and we are working hard to try and pursue a couple of other targets the coach has identified.
"Welsh international Danny Gabbidon has impressed the coach whilst on trial and we are aiming to add him, as well as at least one or two other players to our squad in the near future."
Meanwhile, the statement also revealed that Warnock has been told to tone down his comments to the media.
Doubts over Warnock's future as QPR manager dominated the immediate aftermath of their promotion, while last week Warnock claimed that any money raised from the sale of Taarabt would not be reinvested
"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," it added.