Milan shocked many when they brought in Taarabt on loan in January, but the unpredictable Moroccan proved his doubters wrong in the second half of the Serie A season.
Taarabt regularly received positive press and was a breath of fresh air for Milan fans who had to endure a disappointing campaign.
At the end of the season as Taarabt returned to Loftus Road, Milan vice-president Adriano Galliani indicated that he would try and agree a permanent purchase.
But initial talks stalled when QPR's valuation was higher than the amount Milan were willing to pay and the momentum for a deal appears to be gone.
Inzaghi replaced Clarence Seedorf and is looking to make his own mark on the squad, which may mean Taarabt isn't needed.
Galliani reportedly met Taarabt's representative Kia Joorabchian yesterday and they discussed the QPR man, but no definitive talks were held.
It seems increasingly likely that Taarabt won't get the chance to continue his Milan experience.