The Socceroo has a year to run on his contract with the Championship club - with Leeds United among those linked with moves for the 26-year-old.
Warburton all but confirming QPR are ready to let their midfielder move on after deliberately leaving him out of his pre-season plans.
“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," Warburton told QPR's club website.
“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.”
Luongo has been with the club since 2015 and made 41 league appearances last season scoring three goals and picking up four assists.
It was a relatively quiet season for the Aussie overall, who was tipped for big things last pre-season by former manager Ian Holloway.
"I believe now that I have worked with him that he could play for Barcelona, I believe he could play for Man City," Holloway told beIN Sports in 2018.
"And we are not the same team without him.
"I honestly believe he is as good as a player I've ever had in my career so far."
QPR finished 19th in the Championship last season and will be desperate for a better showing in their next campaign.