Shearer has blasted Cole for his FA Twitter outburst last week.
But he wrote in The Sun: "I said the FA could send out a message about behaviour by leaving him out of the side for the San Marino game at Wembley on Friday night.
"That, however, does not change my opinion of him as a player.
"For me he is the best full-back in the world and one who has made a huge contribution to our national side and will soon complete a magnificent achievement in reaching his 100th cap.
"He still has plenty to give as well."