The R's suffered relegation to the Championship this past season, and now face losing key players like Rob Green, Leroy Fer and of course, Austin.
The 25-year-old striker hit 18 goals for Chris Ramsey's side last season, and having recently earned a call-up to the England squad for the first time, interest is building in his signature.
The Mirror note that Austin is one of Newcastle's top targets this summer, though QPR's £15m valuation is reportedly forcing the Magpies to look elsewhere, specifically towards Watford hitman Troy Deeney.
With a £9m bid reportedly in the offing for Deeney, The Mirror believe that QPR could drop the price tag on Austin in order to strike a deal with Newcastle, given that Austin is out of contract in a year's time.
Austin or Deeney?
With Newcastle seemingly targeting either Austin or Deeney, which of the two English hitmen would be the better signing for new manager Steve McClaren?
Austin has proven himself in the Premier League in the past year, smashing goals on a regular basis for QPR whilst Deeney, 26, has yet to play in the top flight.
His 21 goals in Watford's promotion-winning season were excellent but if the required fees are similar, Newcastle should certainly go with the marginally younger and more proven Austin.