And Shearer has also been heavily linked with a return to St James' Park as part of what has been seen as a 'dream ticket' for the Geordie faithful.
When asked if he would consider becoming Keegan's No 2, Shearer told the BBC: "First and foremost I'm not sure he has even thought about it - he probably wouldn't have had time.
"He is his own man and will make his own decisions.
"But it is my club. If he was to ring up and ask to speak to me, I would speak to him...I would be foolish not to."
He did, though, admit: "I haven't really seen myself as a number two."
Shearer admitted he is still keen to manage Newcastle at some stage, adding: "It remains an ambition to manage it some day, when that will be I don't know.
"I hope and pray that he (Keegan) does well because I'm a fan at the end of the day.