The defender, Les Verts' captain, has another year to run on his contract and unless an extension is offered, it seems likely he will leave for free next summer.
"On Wednesday, a discussion between the two clubs in the presence of the agent of Loic Perrin has ended all speculation as Monaco were not willing to meet the asking price," a St Etienne statement read.
The statement added that "the door to a move is now permanently closed".
"The collective decision taken by the decision-makers at the club, Bernard Caiazzo, Dominique Rocheteau, Damien Comolli, Christophe Galtier and myself is to keep Loic," St Etienne chief executive Roland Romeyer said.
St Etienne had asked for a minimum of three million euros, while Monaco were only willing to pay about half that amount.