The Eagles have splashed the cash this summer, bringing in the likes of Connor Wickham, Alex McCarthy and Yohan Cabaye, but manager Alan Pardew appears to be keen on more additions.
The Independent believe that Palace had made a move for QPR hero Austin - but the striker has rejected a move to Selhurst Park.
Having hit 20 goals in QPR's promotion season back in 2013/14, Austin has proven himself to be a real goal machine during his time at Loftus Road, and with one year left on his contract, many have expected him to leave West London this summer for a return to the top flight.
However, it's now believed that Austin has snubbed a move to Palace, and will choose to run down the final year of his contract at QPR.
That will give him the pick of his suitors next summer, where he will be available on a free transfer - and whilst that will no doubt drum up plenty of interest, Austin's focus must now be on helping QPR try to win promotion again.