Shearer was keen to take the job after the Magpies were relegated into the Championship but Mike Ashley did not offer him the chance to do so despite holding talks.
Shearer told BBC Newcastle: "I love my job and know I'm lucky to have it. Could I see myself returning to management? Probably not.
"First of all, I would say I am enjoying my media work as much as ever.
"But also, you have to remember I have been out of the game for over four years now.
"The longer you're out of the game, the more difficult it is to get back in and management is not something I'm looking to do."
Worried about World Cup accommodation prices? Then check out the Favela Experience - the answer to your problems!