Reports have claimed that, should The Magpies lose to Arsenal on Wednesday, Allardyce will be sacked and replaced by Shearer.
"If Alan decides to take my job, I hope it'll be when I've decided to leave," Allardyce told reporters.
"That will mean I've made the club successful and he'll be taking over a club that I've improved significantly, like what happened with Sammy Lee and Bolton.
"If it's the other way then you have to live with it.
"I don't particularly see that as a burden because if you lose your job then somebody else is going to take it, whether it's Alan Shearer or whoever.
"I know Alan reasonably well and when that situation comes up he's always said that he's not ready.
"If that's the case, and somebody wants to employ him down the line after me or whatever, then that's life."