Reports indicate that Shearer is not owner Mike Ashley's first choice as manager and the former star striker may not get the job if Ashley is not successful in selling the club.
The Magpies are currently in a desperate situation after being dumped to the Championship and there is no stability whatsoever at the club.
One insider said, "It is an unbelievable situation.
"The players are due to return for pre-season training in less than a month and nobody knows what's going on.
"Time is running short and the club needs to get somebody in quickly to sort things out."