QPR are currently in the bottom three and Palace are hoping that they stay there so they can take advantage of the situation and steal their London neighbour's star striker.
Although the Eagles will have to compete with Southampton for Austin's signature, they believe that they will be able to convince him to move to Selhurst Park and be part of Alan Pardew's exciting project at the club.
Impact for Palace?
Austin has scored 15 goals for QPR this season and if he did move to Palace it would be a statement of their intent.
The Eagles board appear to be backing Pardew with funds and their new manager has already been busy strengthening his squad, with the club making a number of additions in January.
The arrival of Austin would undoubtedly be Pardew's most exciting bit of business so far, though, and he would guarantee goals for the side.
Austin is a deadly finisher and he has posed a threat to every team he has faced in his first season at Premier League level.
Already there is talk of the former Swindon Town man receiving an England call-up and it would be fully merited on the back of his consistent displays.
At the moment Palace's chances of signing him look to be slim, as he would be expected to move on to a higher ranked team.
However, if QPR do go down, there may be a slight possibility that Pardew's men would be able to pull off a transfer, which would surely go down as one of the best pieces of business carried out in the summer.