The Merseysiders announced last week that the Norway international will be released when his contract expires at the end of this month.
A club source has told Football Insider Norwich have led the pursuit of King and were hopeful of reaching an agreement after holding free transfer talks.
But they have now ended their interest due to the player’s wage demands.
King, 29, is holding out for a £60,000-a-week long-term contract and that is more than Norwich are willing to pay.
The East Anglia outfit operate on a self-sustainable budget and will not break their tight wage structure this summer.
On 17th May, Football Insider revealed the Canaries were looking to sing King as an experienced, proven top-flight performer on their return to the Premier League.
On 23rd April, this site also revealed Turkish outfit Galatasaray had opened talks with King.
The attacker joined the Toffees on a six-month deal in January after Cenk Tosun was sent on loan to Besiktas.
He only made 11 appearances off the bench for his new side and failed to score.
Dominic Calvert-Lewin and Richarlison were chosen to start during the Toffee’s run-in despite both players’ dip in form.
King failed to find a new club last summer after Bournemouth were relegated to the Championship.
He played in the second tier 15 times before moving to Goodison Park but he failed to find the net.
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