The Clarets revealed on Thursday evening that they had received an "unwanted approach" from the League One side for Howe.
"I hope he stays but obviously we have to respect his decision," Austin told Sky Sports News.
"The manager's shown great faith in me. He has spent the money to bring me from Swindon to Burnley, and it would be sad if he did leave."
Howe brought Austin to Turf Moor in January 2011 on a three-and-a-half-year contract.