Austin had agreed terms on a deal with the newly-promoted Tigers, but the deal fell apart due to complications with the forward's medical.
The 24-year-old is adamant that he will stay professional and give his all for Burnley this season if he stays at Turf Moor, with the aim of grabbing the attention of potential Premier League suitors in the future.
He told the Burnley Express: "I thought I was going to the Premier League and that's where I wanted to be. Obviously that's fallen through so hopefully I'll get the chance, whether it be with Burnley or someone else.
"I'm a professional athlete and I've got to try to get over the disappointment of what happened. I've got a job to do here. I've got to work hard and get myself right for the season.
"I want to get onto the pitch and play as many pre-season games and train as many days as I can. I realised that I'm a professional footballer and I need a pre-season behind me and I need to get fit and prepare for the new season. I've not left Burnley Football Club yet."
Austin scored 28 times for the Clarets last season in 40 appearances.