Norwich boss Chris Hughton has seen one £5million bid for Hooper rejected but reports suggest he could return with an improved offer of up to £8million for a player with just 18 months left on his contract.
Assistant boss Johan Mjallby insisted the Scottish champions are hopeful of holding on to their top scorer, who netted his 20th of the season at the weekend, but revealed Austin was a potential replacement.
"Yes, he might be on the shortlist," Mjallby said of Austin. "Charlie is a proven goalscorer and obviously he might come in handy in the future.
"But right now we think that Gary's going to stay on - at least until the summer - and that would be great for the club."
Austin has helped Burnley to seventh in the Championship and is English football's top scorer with 23 goals in 27 games.
The 24-year-old was plucked from non-league obscurity by Swindon Town in 2007, before moving to Turf Moor four years later.