Austin's prolific goalscoring for relegated QPR last season has made him one of the most in demand players among Premier League clubs, with The Mirror reporting Chelsea and West Ham are favourites, with Leicester only outsiders despite having a bid turned down.
Newcastle had been seen as early runners to sign the recently called up England international, with striking legend Alan Shearer even reaching out to Austin on Twitter to urge him to consider the Toon.
Instead they are looking to another intriguing talent, Aleksandar Mitrovic of Serbia.
The striker has caught attention across Europe with his performances for Anderlecht in Belgium, and has 13 international caps at just 20-years-old.
This latest report suggests Newcastle will be re-focusing their interest.
Mitrovic or Austin, who would be the better buy?
The Serbian striker has outstanding potential, but Austin is more of a proven commodity in the Premier League. He does however have just one season in the division yet his excellent goal return is enough to make fans confident in what they are getting.
The question is whether he can recreate the same success he had individually at QPR, and whether that is the best he can achieve.
Replicating his 18 goals in 36 games would be seen as an accomplishment, but the question with Mitrovic is whether the highly rated Serbian can go on and reach even greater heights, and turn out to be a better player long term.