Walcott came in for strong criticism from former England winger Chris Waddle, which was supported by former national team boss Graham Taylor, following a disappointing performance in the friendly against Egypt earlier this month.
Shearer told BBC Radio Five Live: "I would have thought that David Beckham would have gone to the World Cup, and I assume that if Aaron Lennon is fit and playing well he will be, so I think there's another place up for grabs.
"I would take Theo Walcott. I'm a fan of his.
"I know he's been criticised for his final ball and his football brain but the future is very very bright for him."