Relegated QPR want around £15million for their 25-year-old striker, who still has a year left on his contract but is certain to move on this summer.
New Newcastle manager Steve McClaren is already in talks with Rangers over Austin, though a firm bid is yet to be made.
Austin is reluctant to join another club that might struggle next season after a gruelling campaign with Rangers and wants to see who the Magpies bring in to strengthen their side this summer before making any decision.
West Ham are also in talks with Austin and the former Burnley striker is keen on a move across London, but the Upton Park club are reluctant to pay the money Rangers are demanding.
Chelsea have now entered the running for Austin, brought into the England squad by coach Roy Hodgson this month.
The champions see Austin as a replacement for French striker Loic Remy, who has become unsettled by the arrival of Radamel Falcao and is looking for a move, with West Ham and Crystal Palace both interested.
Chelsea do not want to sell £10m-rated Remy but realise he may not be content to sit on the bench for large parts of another season.
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