The Magpies' biggest competition could come from Merseyside though, with Liverpool only 5/1 with some betting firms to land the 25-year-old.
Everton are also in the mix to recruit Austin, with the Toffees anywhere from 6/1 to 8/1 to sign up the Rangers favourite, who has scored 17 goals in the Premier League for the recently relegated side.
Southampton could also be in with a chance of signing Austin, with the Saints 8/1 to recruit the forward, though they could yet face south coast competition for the striker with Bournemouth also potentially in the running to recruit Austin.
The newly-promoted Cherries are as short as 6/1 with some bookmakers to bring the English striker to Dean Court.
It comes amid speculation in the Mirror over the weekend that the Championship winners are weighing up a move for former Manchester United forward Dimitar Berbatov.
The Bulgarian currently plays for AS Monaco in Ligue 1 but could be on the move again should Radamel Falcao return to the club following his unsuccessful loan spell at Old Trafford.