One of the Baggies' highest earners, Austin scored 11 times for the club last season as they won promotion to the Premier League.
But he hasn't started a top flight game this term and now looks set to return to the club where he scored 45 goals in 75 league starts between 2013 and 2016.
Austin, who is out of contract at the end of the season, is in advanced talks to join QPR on loan until the end of the campaign.
Speaking at press conference yesterday, Albion head coach Sam Allardyce revealed he is hoping to add a new striker to his squad soon.
“I am looking for a front-man, hopefully, he’ll be coming through the door as quickly as possible," he said.
“That’ll be from abroad, rather than from this country.”