Austin was linked with a move away from QPR following their relegation from the Premier League at the end of the 2014-15 season.
QPR wanted £15 million as transfer fee for the 26-year-old, as reported by The Mirror, with Crystal Palace, Leicester City, Norwich City and Newcastle all claimed to be interested in him.
According to BBC Sport, Leicester made a bid of £12m for Austin, but Rangers turned it down as they were not willing to settle for anything less than £15m.
Former Forest and Leeds United midfielder Hodge has suggested that QPR should have sold Austin, claiming that they look an average team at the moment.
Austin is one of the best strikers in the Championship, and him remaining at QPR certainly gives them a chance of a top-six finish, if not more.
Perhaps Rangers could have found a replacement with the £12m they were reportedly offered for Austin, but there would have been a risk of not getting the right striker.