Channel 4 said it did not think Warner Bros' asking price, which was reported to have reached as much as $1m an episode, represented good value.
Five has now emerged as a frontrunner to screen the series, although it faces competition from Sky One and ITV1.
In the programme Matt Le Blanc reprises his role of Joey Tribbiani, the 'Friends' character who has moved to Los Angeles to boost his struggling acting career. The show has received rave reviews in the US.
Some of the 'Friends' cast, including Jennifer Aniston and David Schwimmer, have agreed to make special guest appearances on 'Joey'.
June Dromgoole, the controller of acquisitions at Channel 4, said: "Channel 4 has understandably been linked with this series given the huge success we enjoyed with 'Friends' and our long association with Warner Bros.
"We had an exclusive negotiating period and have been in talks with Warner Bros but we could not reconcile the value they placed on the show with our assessment of its audience potential. We have decided not to take these discussions any further."
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