The Magpies are reportedly planning to spend big in the January transfer window, to ensure that they have sufficient quality in their squad to avoid a relegation battle.
However, Austin is unlikely to be one of the new arrivals at St. James' Park, despite Steve McClaren feeling that he would be a good addition.
Newcastle have too many reservations about signing the QPR front-man, and they will look elsewhere to solve their goalscoring problems.
Newcastle will need to ensure that the striker they do bring in is able to hit the ground running, as they have struggled in front of goal so far this season.
Scoring has not been a problem for Austin, though, with the 27-year-old netting seven times in his first nine games for Championship promotion hopefuls QPR.