The Reds recently signed striker Danny Ings on a free transfer, but it has been reported by the British tabloid that they are interested in his English compatriot Austin as well.
This will come as a blow to Newcastle United, who are keen on signing Austin in the summer transfer window.
According to a report in The Northern Echo on Friday, the Magpies want to finalise the deal to bring the 25-year-old from QPR inside seven days.
Newcastle were already facing competition for the signature of the former Burnley star, who was arguably the best player for Rangers in the recently concluded 2014-15 season.
Liverpool’s (reported) interest in Austin will come as a surprise to many, as they have only just signed Ings.