Martin Keown had suggested worries over the QPR striker's fitness as a key reason for no concrete offers yet being incoming. And West Ham co-owner David Sullivan's comments seemed to back this up.
Newcastle and West Ham are both still in the running for Austin, according to Sky Bet, along with the likes of Bournemouth and, as of recently, Manchester United.
The Daily Star, meanwhile, suggest Tottenham have the QPR forward in mind as their Plan B.
But Jenas believes none of the above have yet bid not because of a perceived lack of fitness but because they want the value to come down as the clock ticks by.
He told the BBC Sport website: "West Ham chairman David Sullivan said on Thursday that he had concerns about Charlie's knee but he has proved in his two years at Loftus Road that he is absolutely fine.
"I think the reason he has not been snapped up yet is that the clubs interested in him are thinking that his price might come down as we get closer to the end of the transfer window."
Both theories make sense, of course, and it wouldn't even be a surprise of Fabian Delph proportions if West Ham ended up bidding for Austin if his price came down. Newcastle, too, could change their tune over signing a new forward if the QPR man became cheaper, while Daniel Levy is famed for looking for bargains at Tottenham.