The Brazilian joined from Bundesliga side Hoffenheim in 2019 and since then has found the net just 10 times in 91 appearances.
Rather than point the finger at Joelinton however, Magpies legend Shearer has questioned the decision-making behind the deal, which was finalised under Mike Ashley’s ownership.
Indeed, the 51-year-old hopes the new owners take note of the Joelinton deal as they seek to invest heavily in future transfer windows.
Shearer told The Overlap: “I hope the new owners will have picked up in terms of the money which has been spent – nowhere near enough but when they’ve gone out, you try and work out £40m for Joelinton?
“How do you work that out? I actually feel sorry for Joelinton at times because he was given the number nine shirt, asked to play centre forward and score goals. None of that is his fault. That’s not his position. I can never criticise his work rate in terms of what he tries to do.
“He always tries, he never hides away, but he’s not a goalscorer. He’s not a number nine, and he’s not a centre forward, yet, he was asked to do all of that. How do you work that out?
“That’s one deal I’ve never really been able to look at and explain, and I don’t think many people will be able to."