Austin could be offered the shirt currently worn by Papiss Cisse, who is likely to leave the club.
Austin has been linked with a move away from his current club Queens Park Rangers ever since their relegation from the Premier League was confirmed. He was one of the brighter sparks of their 2014/15 campaign, having managed to find the net on 18 occasions.
Being handed the number nine shirt at Newcastle comes with a degree of pressure. It was, of course, the number of Alan Shearer - who scored a club record 206 goals - so it is a lot to live up to, and was adorned by Les Ferdinand prior to Shearer's arrival on Tyneside.
No-one will expect him to be the prolific marksman that Shearer was at Newcastle - or for Blackburn Rovers prior to that - but there will be a reminder that Austin is the man expected to deliver for the side in front of goal.
What now for the club's current number nine?
The report says that Papiss Cisse is likely to leave the club this summer as Newcastle are looking to recoup much of the £10 million they paid for him. He scored 11 goals for the club last season and finished as their top scorer, but there will be a desire for more from those at St James' Park as they will not want to endure another season flirting with relegation after a horrid second half to the last campaign. Part of whatever is recouped for Cisse is likely to go towards funding a deal for Austin, which could cost as much as £15 million.
If Austin were to produce anything like the goalscoring record he did at Loftus Road over the past year, the fee will seem worth it.