Harry Redknapp feared his key midfielder would be called up for the tournament, which begins on 19 January in South Africa.
But Rangers' head of media Ian Taylor the omission on his Twitter page, and when Morocco's official squad sheet was released Taarabt's name was missing.
Taylor wrote: "R's fans - you sang you wanted him to stay at Loftus Road, and it appears he is.
"Whatever language you read it in, Taarabt is NOT in the Morocco squad for the Cup of Nations."
Taarabt has been linked with a move to Milan, and Redknapp's major concern now could be keeping interested clubs at bay during the January transfer window.
Arsenal's little-used striker Marouane Chamakh, meanwhile, has also been left out of a Morocco squad which features Aston Villa's Karim El Ahmadi and Liverpool's Oussama Assaidi.