The striker, who re-joined the club on a permanent basis at the start of the season, was told by the club that they would not be renewing his contract this week.
His first spell in west London came between 2013 and 2016, where he scored 48 goals in 98 games and fired them to promotion to the Premier League.
His second spell at QPR hasn't been as successful, however, having scored 15 goals in 59 games over the last two seasons in west London, with the first one coming on loan from West Brom.
And, after a combined five seasons at Loftus Road, Austin believes he and the club had a 'good enough relationship' for things to be handled slightly differently.
When asked if he felt let down by the way the club handled his departure, Austin told talkSPORT: "I'm going to go out on a limb and say 'yes', in a way.
"I felt like we had a good enough relationship, and, in a different scenario, it might have been treated a little bit better.
"I'm not saying the club has to hand out contracts, but I thought I might have had a conversation about next year. It was like they cut ties and that was it.
"I guess that's football, it's a business at the end of the day.
"I left the training ground today, said goodbye to the kitman and the reception lady - I'd known them from the first time.
"It was quite sad, and people don't see that side of it."
Austin added that he is open to offers from clubs ahead of the 2022-23 campaign - and he, categorically, is not retiring!