The Newcastle and Crystal Palace linked forward is in his final year of his current deal.
Austin is currently on around £20,000-a-week but would want closer to £40,000 in any new arrangement. He will also insist on a buyout clause which would activate should QPR fail to gain promotion to the Premier League.
The prolific striker was the subject of attention from the likes of Newcastle and Crystal Palace this summer - as reported by the London Evening Standard and the Mirror - but no club was prepared to meet the R’s £15 million valuation.
Get West London report that, despite his lofty demands, Austin is likely to play out his remaining year before leaving on a free next summer.
QPR have taken the decision to bank on his goals returning them to the Premier League rather than cashing in on him now - and retaining his services is undoubtedly one of the achievements of the summer.
Matt Phillips and Rob Green also remain at Loftus Road despite interest from the Premier League and Chris Ramsey will be hoping the new-found stability in his squad will propel them towards a successful campaign.