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Arsenal have pulled out of the chase for QPR's Loic Remy after refusing to meet his wage demands.

Metro reports that the Gunners' personal package for the player fell short of his expectations and despite agreeing a fee with QPR, Arsene Wenger will now look elsewhere.

The north London side had offered the French international £50,000 a week to join them but Remy is demanding £80,000, and will now discuss a move to Liverpool, per Metro.

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It had been widely expected that Remy would move to Arsenal after the player was present at the Emirates for a home match to see his potential new team at the end of the last campaign.

Remy had an impressive season on loan at Newcastle last season despite his year being hampered by injury.

The player hit 14 goals in 26 Premier League matches for the Geordies, per Squawka, forcing his way into France's World Cup squad.

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There is the option that Remy might return to his parent club in London after Harry Redknapp's QPR side won promotion back to the top domestic league in England, but with Liverpool needing a striker after the departure of Luis Suarez, it is muted that Brendan Rodgers will make his move, per Metro.

The player has a clause in his contract allowing him to join a top-four side for just £8 million, rather than the £12 million that QPR believe he is worth.

And talkSPORT's Tony Incenzo confirmed on Twitter that the QPR boss expects Remy to leave during the transfer window.

He tweeted:

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But QPR chairman Tony Fernandes has stated his desire to see the player stay with his team.

He said, per David McIntyre of West London Sport:

I’d like to keep Remy and I think I’ve made that clear, but he has to want to stay. He’s turned down some clubs. Some clubs have come in and he’s said ‘No, I’d rather stay at QPR’. If it’s a club that’s not dissimilar to QPR, then why go? If it’s a club that’s much bigger then I won’t hold him back.

Remy was somewhat of an unknown quantity when he arrived in England, but he fast proved that he has the quality to play for one of the big clubs in the country.

He would have been perfect for Arsenal's current needs and a great foil for the less mobile Olivier Giroud. However, the signing of Alexis Sanchez gives Wenger the option of playing the Chile superstar through the middle of the park, so the need for a player like Remy has decreased since the end of last year.

If Remy moves to Liverpool, it will be a strange transfer for the Merseyside club. His skill set very much matches that of Daniel Sturridge and his arrival might push the England international into a wider position. Remy is certainly not a direct Suarez replacement, but at £8 million he would be a quality boost to the strength of their squad as they face the demands of Champions League football.