Shearer is keen to one day manage the club he served with distinction for more than a decade as a player.

But the Gazette understands the 38-year-old – who has closely watched the chaotic events of the past few weeks and months – will bide his time.

And Tottenham Hotspur No 2 Gus Poyet – executive director (football) Dennis Wise's assistant at Leeds United and team-mate at Chelsea – is understandably the bookmakers' favourite to be Newcastle's next manager at odds of 5/2.

The feeling is if anyone can work with the unwieldy structure which eventually claimed Keegan – who resigned last night after days of speculation about his future – then it will be Poyet.

However, two other names in the frame are former Fenerbahce manager Zico and out-of-work David O'Leary, a friend of United managing director Derek Llambias.

Wise, meanwhile, appears a non-starter for the post given the hostility towards despite supporters' fears that he will be installed at St James's Park.

Two more of Wise's old Stamford Bridge team-mates - Gianfranco Zola and Gianluca Vialla - have also been mentioned.

But it is Poyet, a near neighbour of Wise's colleague Tony Jimenez, who appears to lead the pack.

The Uruguayan had a knack of scoring goals against Newcastle during his Chelsea career, not least his brace in the 2000 FA Cup semi-final at Wembley.

And the 40-year-old has forged a reputation as one of the game's most promising coaches since hanging up his boots two years ago.

Former Japan coach Zico, meanwhile, left Fenerbahce in the summer, and he could feature on any shortlist.