The 23-year-old does not appear on the 24-man list of players for the tournament, which takes place in South Africa from January 19 to February 10.
The news hands Harry Redknapp a huge boost as his side fight against relegation from the Premier League - QPR had feared losing the talented Taarabt for over a month.
Aston Villa's Karim El Ahmadi and Liverpool's Oussama Assaidi are the only Premier League-based players in the Moroccan squad.
Last week Taarabt said he was determined to prove his worth to national team coach Rachid Taoussi, saying: "I hope to be at the African Nations Cup but even if I'm not there, and that would be painful, I will be the biggest Morocco supporter."
MOROCCO SQUAD FOR AFRICA CUP OF NATIONS
Goalkeepers: Khalid Askri, Nadir Lamyaghri, Ana Znaiti
Defenders: Younes Belakhdar, Abderahim Achchakir, Zakaria Bergdich, Abdelhamid El Kaoutari, Mehdi Benatia, Issam El Adoua, Ahmed Kantari
Midfielders: Adil Hermach, Karim El Ahmadi, Younes Belhanda, Mehdi Namli, Kamel Chafni, Chakhir Belghazouani, Hamza Hafidi
Forwards: Oussama Assaidi, Nordin Amrabat, Abderazzak Hamdallah, Abdelaziz Barrada, Youssef El Arabi, Mounir El Hamdaoui, Youssef Kaddioui