The France striker looked set to join the Magpies after manager Alan Pardew made what he described as a "fantastic offer", only to instead move to Rangers who are reported to have offered him £80,000 per week.
Newcastle great Alan Shearer expressed his surprise at Remy's decision and suggested that money was the motivating factor, but the £8million capture from Marseille revealed the influence of QPR manager Harry Redknapp was key.
"The finance doesn't come into it at all because Newcastle offered me a very good contract as well," Remy said.
"I've seen that a lot of people are surprised I came to QPR and say that I came here for money, but my decision was no way based on financial reasons.
"I could have stayed at Marseille because I had a good contract there. There are a number of reasons for why I had to leave Marseille for here.
"QPR were very open, they wanted me and it's great to be here.
"It's true that I hesitated between Newcastle and QPR. I went to meet the staff at Newcastle and there came a time to make a decision and I made that decision based on two factors.
"Firstly I already knew the coach Harry Redknapp and secondly, I'm very excited by the project QPR have here for the future.
"It's a big challenge and the team are in a difficult situation, but since Harry Redknapp has been here things have changed a great deal."
Redknapp said: "This is a good deal for the club.
"It's a big signing, a big transfer fee for this club but if you look around the Premier League, you see this sort of money being spent almost every week. I think we've got real good value. The price is good for a player of that quality.
"I don't think the club has spent a lot of money. Under Mark (Hughes) players came in on free transfers and were paid decent wages but I don't think you'll find the club has spent a lot on transfers."
Remy had met with Newcastle chiefs before his U-turn but Redknapp said he believed his history with the player, as well as assurances over his role in the side, were deciding factors.
"I spent four hours with him last season when we were looking to take him at Tottenham," the former White Hart Lane boss added. "We got on great so I thought we had a head start. He wanted to come to London.
"I said to him that I wanted him to play through the middle, whereas I think he felt he might have been playing in a wide position had he gone elsewhere."
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