It has been reported by the British tabloid that Derby are ready to offer the 26-year-old striker a salary of £35,000 per week.
Gayle, who has been on the books of Premier League outfit Palace since 2013, has struggled for playing time so far this season.
The former Peterborough United man has created four chances in seven league appearances so far this campaign.
Austin has been in good form for QPR this season and is banging in the goals left, right and centre.
The Englishman has scored 10 goals and created 17 chances in 16 Championship games for Rangers this term.