Alan Shearer says "actions speak louder than words" after Mike Ashley pledged to back Rafa Benitez in the transfer market.
The meeting following Sunday's Championship-securing 3-0 win over Barnsley.
Newcastle finished a point above Brighton and Hove Albion, who took just one point from their last three games.
Shearer, United's all-time leading goalscorer, told Coral: "It's been a very good few days for Newcastle. Brighton went into party mode, and Newcastle stepped up and won the Championship."
Ashley said in a statement that Benitez would get "every penny" the club generates through promotion and player sales.
But Shearer – who had a brief spell as Newcastle manager under Ashley in 2009 – is cautious about the promise.
“Mike has promised that there is big funds for Rafa to spend which is great news, but actions speak louder than words,” said Shearer.
“We will have to wait and see whether that will happen, but hopefully it will, and it is all good news for Newcastle.”
Asked if United were equipped for the Premier League, Shearer added: "I think there's big improvements needed. Rafa will know which positions.
"They'll need a few players to do what they want to do in the Premier League, which I'm sure is to finish in and around mid-table in their first season back."
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