The Dubai side have pulled out of the deal because they have become increasingly frustrated with the Premier League club's reluctance to meet with them, despite submitting two bids for the striker.
The latest deal on the table was one that could have risen to over £1.5m but Al Nasr have now ended their interest in the Nigeria international.
That leaves Odemwingie in limbo, after his public flirtation with QPR on the final day of the January transfer window failed to secure a move to Loftus Road.
He is still training with the reserves and has been told he doesn't figure in manager Steve Clarke's plans.
The signings of Nicolas Anelka and Matej Vydra have pushed him even further down the pecking order at The Hawthorns and he looks likely to start the new season on the margins.