Napoli reportedly offered £3.5m to Estudiantes for Duvan Zapata after QPR confirmed they were pulling out of the deal.
The London club had seen their £6.4m proposal accepted by Estudiantes and the 22-year-old Colombian striker spent the last few days training with QPR.
However, Rangers manager Harry Redknapp confirmed they have abandoned the move due to issues over his work permit.
“He is a player we talked about and feel has a big future,” Redknapp told the Evening Standard.
“He could be a big star, but we’re looking at this year and a player who can come do a job and get us out of this league. He is one we’d look at in a year or two.”
According to Sky Sport Italia, Napoli have dived in with an offer worth $6m - £3.5m – and hope Estudiantes will be burned enough by the QPR collapse to accept the lower bid.