The Saudi Arabian-backed consortium, fronted by PCP Partners’ Amanda Staveley, are facing their first major appointment following the sacking of Steve Bruce.
While a permanent successor to Bruce is decided, Graeme Jones will remain in caretaker charge, with top-of-the-table Chelsea next up on Saturday afternoon.
Former Roma, Porto and Shakhtar Donetsk boss Paulo Fonseca is the current frontrunner, while Lucien Favre, formerly of Borussia Dortmund, is also in the frame.
Shearer, who knows more than anyone what it means to represent Newcastle, would like the club’s next manager to have a similar understanding.
“There are so many big decisions to be made by Newcastle United, ” Shearer told the Kelly and Wrighty Show.
“What do they do? Do they appoint a manager? chief executive? director of football?
“There has been every name thrown about for us to look at but I hope it’s one that understands how big the football club is and understands how much the football club means to the supporters because that is hugely important.
“The fans in Newcastle they work all week to go and watch their team on a Saturday. To spend their money on a Saturday and have a good time.
"They don’t mind working hard but, in return, they want that hope and excitement. They now have got that.”
Despite the exciting £305million takeover, Newcastle’s position in the top-flight remains under threat following a winless start to the campaign.
5. Wolves want Arana
Wolves are keen on signing Atletico Mineiro full-back Guilherme Arana in the January transfer window. (Ekrem Konur) (Photo by Pedro Vilela/Getty Images) Photo: Pedro Vilela
6. Marcelo wants out
Marcelo has told Real Madrid president Florentino Perez he will leave on a free transfer in the summer after Leeds United and Everton showed an interest in the Brazil international. (El Nacional) (Photo by Denis Doyle/Getty Images) Photo: Denis Doyle
7. Toffees willing to spend big on Souttar
Everton are willing to spend up to £24 million in an attempt to beat Aston Villa and Tottenham in the race for Stoke City centre-back Harry Souttar in the next transfer window. (Fichajes) (Photo by Tony Marshall/Getty Images) Photo: Tony Marshall
8. Toon willing to spend big on Ten Hag
Newcastle are willing to make Erik Ten Hag one of the highest-paid managers in the Premier League - but the Dutchman is reluctant to leave Ajax. The Toon Army are willing to offer a pre-tax wage of £11 million. (Daily Mail) (Photo by MAURICE VAN STEEN/ANP/AFP via Getty Images) Photo: MAURICE VAN STEEN