The People says Shearer is top of the wanted list at the Toon, where Newcastle owner Mike Ashley is edgy about Sam Allardyce's ability to turn round the club he has bought for £230 million.
But former England strike star Shearer is also being openly discussed by FA officials as a potential saviour, either as manager or assistant in a new-look team...particularly after yesterday's 3-3 thrashing by Liverpool.
Ashley is reviewing Allardyce's future and has told the boss to turn things round this season or face the consequences.
Ashley wants to be a man of the people and there is no more popular option on Tyneside than Shearer.
However Shearer is also very much in the thoughts of the FA headhunters at the moment.