Magpies boss Steve McClaren made a move for the Loftus Road star over the summer but was unwilling to meet the Championship side’s £15m valuation.
The 26-year-old striker scored 18 goals in his debut season in the Premier League, an impressive total when consider QPR finished rock bottom of the table, and has continued to impress since the West London side’s relegation to the second tier.
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Austin has scored five goals in six appearances this term and is into the final year of his contract and as such QPR will have to decide whether to cash in on the former Burnley and Swindon Town man in January or face losing the player on a free transfer next summer.