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.