The 26-year-old has a year left on his QPR contract and has been linked with potential moves to Leeds United at Nottingham Forest.
On Saturday QPR manager Mark Warburton confirmed Luongo was set for a new challenge away from Loftus Road.
“Massimo has been a loyal servant of the club for the last four years and his passion and commitment for QPR has always been there for everyone to see out on the pitch," he said.
“Massimo’s future could now lie away from QPR and therefore it is important that we prepare for that potential eventuality.
“We will give opportunities in Austria to some of the club’s younger players who have come through the academy, such as Charlie Owens and Charlie Rowan.”
Last month Premier League great and QPR director of football told The World Game that he felt the time was right for Luongo to find a new challenge in order to further his career.
Having mentored Luongo in their time together at Tottenham, former England striker Ferdinand oversaw his arrival at Loftus Road from Swindon.
While Luongo has been solid at QPR since his arrival, he has failed to reach the heights expected of him since winning the 2015 AFC Cup player of the tournament award during Australia's Asian Cup triumph.
“Mass is one of those who back in our Tottenham days I thought he was going to push on (to the very top),” Ferdinand said.
“For me, if he added goals to his game he would be playing in the Premier League right now.
“It’s the one part of his game which he hasn’t (to this point) been able to improve on.
“It’s because of that he’s probably remained in the Championship and not gone (as yet) to where he thought he might be heading.”
Luongo managed just three goals last season from 41 appearances with four assists. His tally was six the season before.
Valued at around $7 million, Luongo might choose to run down the remainder of his contract and leave as a free agent this time next year.
