Austin has been a key man when it comes to their season so far, helping the club to 16th place on 17 points.
Austin has been one of the main reasons for QPR placing themselves handily above the relegation places in the Premier League as Harry Redknapp looks to keep his side in the top flight beyond this season after securing promotion via the play-off places last term.
Their striker scored a crucial hat-trick in the 3-2 win over West Bromwich Albion at Loftus Road at the weekend, making it 11 goals from 15 appearances this season.
His form has led to speculation surrounding the 25-year-old's future, with a number of clubs challenging towards the top end of the table.
QPR boss Redknapp said at the weekend that his forward isn't going anywhere, saying: "If we sold Charlie Austin we might as well go home.
"We need Charlie to keep doing what he's doing and he can't afford to take his foot off the gas. His target would be around 20 goals now.
"He's a goalscorer. He wants to score. Goalscorers find a yard of space. It's a knack - he's in the right place at the right time.
"If you score 20 goals in the Championship this year you'll score in the Premier League. It's not rocket science, it's that knack that people have got - they've been scoring goals since they were kids."
This move would certainly keep those circling away for the January window at least, and would be a big moment in QPR's fight for survival, and if he were to be sold in the summer, he is likely to go for a bigger fee.
Therefore, opening contract talks with Austin at this time makes complete sense in order to protect one of their more valuable assets.