The 21-year-old needs an operation on the AC joint in his left shoulder after damaging it in Sunday's loss to South Sydney.
Penrith will be hopeful halfback Luke Walsh can return from his own shoulder problem after this week's bye, with the battling club looking increasingly thin in the playmaking stakes.
Travis Burns only returned from injury against the Rabbitohs on the weekend, and coach Ivan Cleary has had to run with youngsters Harry Siejka and Arana Taumata in recent weeks.
The Panthers are second last on the premiership ladder with just four wins.
Austin debuted in round 25 last season, and played 12 matches this year.